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  • 4 years ago

Janet took out a loan of $50,000 from Bank of America at 8 percent on March 19, 2006 which is due on July 8, 2006. Using exact interest, the amount of Janet's interest cost is: (Points : 1) $5,018.44 $2,561.44 $5,261.44 $5,216.44 None of these

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  1. mathmate
    • 4 years ago
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    Can you check the question (namely the dates or year). A whole year's interest costs $4000, so less than 1/3 of a year cannot cost a minimum of $2561.

  2. mathmate
    • 4 years ago
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    If the repayment date is in 2007, then it's D (total of 365+111 days)

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