Asked by Anonymous

Janet took out a loan of $50,000 from Bank of America at 8 percent on March 19, 2006 which is due on July 8, 2006. Using exact interest, the amount of Janet's interest cost is
Answered by Reiny
Count the number of days.

interest = 50000(.08)(number of days/365)
Answered by Sylvia
Janet took out a loan of $50,000 from Bank of America at 8 percent on March 19, 2006 which is due on July 8, 2006. Using exact interest, the amount of Janet's interest cost is: $5,018.44
$2,561.44
$5,261.44
$5,216.44
None of these
Answered by Anonymous
5216.44
Answered by Teja Brown
The formula for this is I = PRT
I = interest
P = principal
R = rate
T = time in years

50000(.08)(111/365) = $1216.44

However, it looks like your question has an error and should say July 8, 2007 instead of July 8, 2006.

When you account for this error:

50000(.08)(476/365) = $5,216.438 -> $5216.44 (rounded).
Answered by Kat
The question is asked like that, however if you have a multiply choice question the answer is None Of These!
Take 50,000 x .08 x 112/365 = 1,227.40 which is not a answer provided!
Answered by Kat
I'm sorry please let me correct myself the number of days are 111 so the correct formula is $50,000x.08x111/365=$1,216.44 But again if multiply choice the answer is none of these!
Answered by no
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