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27 August, 17:22

Find the exact interest for $600 at 8% for 45 days. (Round to the nearest cent.)

A. $6.36

B. $5.95

C. $6.00

D. $5.92

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  1. 27 August, 19:20
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    Interest is found as the principal times the percentage rate / 100, divided by the proportion of the days. This is, if r is the percentage rate for 1 year, n is the number of days, and p is the amount invested you can calculate the interests as p * (r%/100) * n/365 = $600 * (8/100) * 45/365 = $5.92. So the answer is the option D. 5.92.
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