Find the exact interest on a loan of $93,000 at 12% annually for 137 days.
A) $4280.55
B) $4340.00
C) $4188.82
D) $4247.00

Question

Quizplus · Accepted Answer

Step 1: Convert the annual rate to a daily rate by dividing 12% by 365 days: 
= 0.001315 daily rate
Step 2: Calculate the interest for 137 days using the formula: 
Interest = Principal x Rate x Time 
= $93,000 x 0.001315 x (137/365) 
= $4188.82 (rounded to the nearest cent) 
Therefore, the answer is C) $4188.82.

Find the Exact Interest on a Loan of $93,000 at 12