find the exact interest for $600 at 8 percent for 45 days(round to the nearest cent)
a.$5.92 b.$5.95 c.$6.00 d.6.36
2006-08-08 03:07:36 · 7 answers · asked by Anonymous in Education & Reference ➔ Homework Help
8% is for 12 months, we will require 8% for 45 days
45 days = 1.5 months
so the actual interest = 8*1.5/12 = 1%
Hence the interest = 1% of $600 = $6.00
2006-08-08 03:23:00 · answer #1 · answered by Suraj 3 · 0⤊ 0⤋
8 percent/ 12 months= monthly interest
monthly interest/ 30 = daily interest
daily interest * 45 = answer
2006-08-08 10:13:35 · answer #2 · answered by quietwalker 5 · 0⤊ 0⤋
b
...took a half minute to set it up on EXCEL. The tricky part is you have to assume the account pays daily interest. It doesn't matter if it pays at the beginning or end of day.
2006-08-08 10:16:08 · answer #3 · answered by Answers1 6 · 0⤊ 0⤋
No clue, but you should do your own homework.
2006-08-08 10:14:19 · answer #4 · answered by That-BAM!-girl! 3 · 0⤊ 0⤋
i'm not doing your homework for you!
2006-08-08 10:11:16 · answer #5 · answered by steph 3 · 0⤊ 0⤋
Ha! ha ! Do it urself!!!
2006-08-08 10:12:34 · answer #6 · answered by louisa 3 · 0⤊ 0⤋
cheater!!! I dont know the answer anyway.........
2006-08-08 10:12:24 · answer #7 · answered by ? 2 · 0⤊ 0⤋