91.6k views
1 vote
Find thw exact intrest for $600 at 8% for 45 days. round to nearest cent

1 Answer

4 votes
Since it's 8% every year, we have 8% of 600 equals 8*6=48. 48/365 is the amount of interest per day, and 48*45/365 is what you would get over 45 days, which is approximately 5.9 dollars


Note that this is assuming interest is compounded every year
User Alexander Serkin
by
7.6k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories