Question

The interest accrued on $6,600 at 8% for 30 days is: (Use 360 days a year.)

A. $44
B. $264
C. $264
D. $ 62
E. $ 53

Answer 1

The interest accrued on $6,600 at 8% for 30 days is $44.

Step-by-step explanation:

To find the interest accrued on $6,600 at 8% for 30 days, we first need to calculate the interest using the formula:

Interest = Principal * Rate * Time

Given that the principal is $6,600, the rate is 8%, and the time is 30 days (or 30/360 of a year), we can calculate the interest as follows:

Interest = $6,600 * (8/100) * (30/360) = $44

Therefore, the interest accrued on $6,600 at 8% for 30 days is $44.