Find the amount of interest on a loan of $10,500, at 9% interest, for 124 days using the exact interest method.
A) $945.00
B) $321.04
C) $321.40
D) $325.50

Name: Find the amount of interest on a loan of $10,500, at 9% interest, for 124 days using the exact interest method. A) $945.00 B) $321.04 C) $321.40 D) $325.50
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Question

Quizplus · Accepted Answer

The exact interest method calculates interest using a base of 365 days. The formula is: Interest = Principal × Rate × Time / 365. So, Interest = $10,500 × 9% × 124 / 365 = $321.04.

Find the Amount of Interest on a Loan of $10,500