Find the exact interest. Use 365 days in a year, and use the exact number of days in a month. Round to the nearest cent,if necessary.
-A loan of $\$ 8500$ at $7 \%$ made on July 23 and due on November 30
A) $\$ 209.90$
B) $\$ 211.92$
C) $\$ 207.03$
D) $\$ 214.86$

Question

Quizplus · Accepted Answer

The loan period is from July 23 to November 30, which is 130 days. The interest is calculated using the formula: Interest = Principal x Rate x Time. Thus, Interest = 8500 x 0.07 x (130/365) = \$211.92.

Find the Exact Interest $8500\$ 8500$8500 At 7%7 \%7% Made on July 23 and Due on November 30 A)

Find the Exact Interest $\$ 8500$ At $7 \%$ Made on July 23 and Due on November 30
A)