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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
 2 years ago
 2 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
 2 years ago
 2 years ago

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mathmateBest ResponseYou've already chosen the best response.0
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 years ago

mathmateBest ResponseYou've already chosen the best response.0
If the repayment date is in 2007, then it's D (total of 365+111 days)
 2 years ago
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