Question

3. Sohail needs to take a 4-day loan of $750 000 for his small business. How much interest will he need to pay if

interest is charged at 2.2% per year, simple interest?
a. $90.41
b. $542.47
d. $180.82
c. $361.64

Answer 1

180.82

Explanation:

750,000 x .022=16,500 per year

16,500/365 days =45.2055/day

45.2055 x 4 days = 180.82