Question

Find thw exact intrest for $600 at 8% for 45 days. round to nearest cent

Answer 1

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