Question

Find the exact interest for $600 at 8% for 45 days. (Round to the nearest cent.)

Answer 1

Interest is found as the principal times the percentage rate / 100, divided by the proportion of the days. This is, if r is the percentage rate for 1 year, n is the number of days, and p is the amount invested you can calculate the interests as p* (r%/100) * n/365 = $600 * (8/100) * 45/365 = $5.92. So the answer is the option D. 5.92.