Janet took out a loan of $50,000 from Bank of America at 8% on March 19, 2012, which is due on July 8, 2012. Using exact interest, the amount of Janet's interest cost is:

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The exact interest is calculated using the formula: Interest = Principal x Rate x Time. The time is calculated as the exact number of days between March 19, 2012, and July 8, 2012, which is 111 days. The interest is $50,000 x 0.08 x (111/365) = $1,216.44, which is not listed as an option.

Janet Took Out a Loan of $50,000 from Bank of America