Questions and answers by

Teja Brown

Answers (4)

The formula for this is I = PRT I = Interest P = Principal (starting amount) = $7,000 R = Rate (percentage) = 8% = .08 T = Time in years = days/years = 122/365 I = 7000(.08)(122/365) I = $187.178 I = $187.18 (rounded) B. $187.18 Ps: When the time is less
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)
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:
(7000)(.08)(122/365) = $187.178 B. $187.18 (after rounding)

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