Find the exact interest on a loan of $47,000 at 9% annually made on February 21 and due June 30.
A) $1494.99
B) $1529.75
C) $1515.75
D) $1551.00

Name: Find the exact interest on a loan of $47,000 at 9% annually made on February 21 and due June 30. A) $1494.99 B) $1529.75 C) $1515.75 D) $1551.00
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The interest is calculated as follows:Interest = Principal x Rate x TimeTime = (June 30 - February 21) / 365 = 129 daysInterest = $47,000 x 0.09 x 129 / 365 = $1494.99

Find the Exact Interest on a Loan of $47,000 at 9