Find the exact interest on a loan of $1100 at 8% annually for 155 days.
A) $3.79
B) $37.37
C) $37.89
D) $3.74

Question

Quizplus · Accepted Answer

First, we need to find the daily interest rate by dividing the annual interest rate by 365 days:
8% / 365 = 0.022%

Then, we can find the total interest by multiplying the loan amount by the daily interest rate and the number of days:
$1100 x 0.00022 x 155 = $37.37

Therefore, the best choice is B.

Find the Exact Interest on a Loan of $1100 at 8