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 $6.6 \%$ made on July 2 and due on November 30
A) $\$ 235.31$
B) $\$ 230.63$
C) $\$ 232.08$
D) $\$ 227.47$

Question

Quizplus · Accepted Answer

The interest is calculated using the formula $I = P \times r \times t$, where $P = 8500$, $r = 0.066$, and $t$ is the fraction of the year the loan is outstanding. From July 2 to November 30 is 151 days. So, $t = \frac{151}{365}$. Calculating gives $I = 8500 \times 0.066 \times \frac{151}{365} = 232.08$.

Find the Exact Interest $8500\$ 8500$8500 At 6.6%6.6 \%6.6% Made on July 2 and Due on November 30 A)

Find the Exact Interest $\$ 8500$ At $6.6 \%$ Made on July 2 and Due on November 30
A)