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-Dominant- [34]
3 years ago
5

Janet took out a loan of $50,000 from Bank of America at 8% on March 19, 2015, which is due on July 8, 2015. Using exact interes

t, the amount of Janet's interest cost is:
Mathematics
1 answer:
Paladinen [302]3 years ago
5 0
The formula for this is I = PRT
I = Interest
P = Principal (starting amount) = $50,000
R = Rate (percentage) = 8% = .08
T = Time in years = days/years = 111/365

I = 50000(.08)(111/365)
I = $1216.438 
I = $1216.44 (rounded)


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We need to simplify the right hand side.  The first step is the parentheses

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