Jnaet took out a loan of $50,000 from Bank of America at 8 percent on March 9, 2006 which is due on July 8, 2006. Using exact interest, the amount of Janet's interest is?

Answer 1

$1304.11

Answer 2

The formula for this is I = PRT
I = Interest
P = Principal ($50,000)
R = Rate (8% -> .08)
T = Time in years (111/365)

I = (50000)(.08)(111/365)
I = $1216.438 -> $1216.44 (rounded)