Asked by Anonymous
On May 19, Bette Santoro borrowed $3,000 from Resse Bank at a rate of 12½%. The loan is to be repaid on October 8. Assuming the loan is based on exact interest, what's the total interest cost to Bette?
A. $265.89
B. $175.89
C. $145.89
D. $345.89
The closest answer I got was $375 but I know that isn't right.
I did 3000* 12 1/2%.
I could really use someone's help with this.
A. $265.89
B. $175.89
C. $145.89
D. $345.89
The closest answer I got was $375 but I know that isn't right.
I did 3000* 12 1/2%.
I could really use someone's help with this.
Answers
Answered by
Ms. Sue
Bette didn't borrow the money for a year. She borrowed it for 142 days.
142/365 * 375 = _________
142/365 * 375 = _________
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