Interest on $8,400 at 7% for 60 days is:

Name: Interest on $8,400 at 7% for 60 days is:
Brand: Quizplus
Rating: 4.9 (47 reviews)

Question

Quizplus · Accepted Answer

To calculate the interest, we use the formula:
Interest = (Principle x Rate x Time)/100
Here, Principle = $8,400, Rate = 7% and Time = 60/365 years (since it is for 60 days only)
Plugging in the values, we get:
Interest = (8400 x 7 x 60/365)/100
Interest = $96.66 (rounded to the nearest cent)
Therefore, the answer is B.

Interest on $8,400 at 7% for 60 Days Is