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

Answer 1

Count the number of days.

interest = 50000(.08)(number of days/365)

Answer 2

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

Answer 3

5216.44

Answer 4

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).

Answer 5

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!

Answer 6

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!

Answer 7

hi
\

\\]';d[q
dw\eeat
gwaeTRSHAe2q4aethw4she
y
jey
3
e56tyw56e