The interest accrued on $7,500 at 6% for 90 days is: (Use 360 days a year.)
A) $37.50.
B) $450.00.
C) $11.25.
D) $112.50.
E) $1,800.00.

Question

Quizplus · Accepted Answer

We can use the formula:

Interest = (Principal x Rate x Time) / 360

Where: 
Principal = $7,500 
Rate = 6% = 0.06 
Time = 90 days

Plugging in the values, we get:

Interest = (7500 x 0.06 x 90) / 360 = $112.50

Therefore, the interest accrued on $7,500 at 6% for 90 days is $112.50. The correct choice is D.

The Interest Accrued on $7,500 at 6% for 90 Days