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Hi everyone, would someone be able to help me with the following: Exact Interest for Principle of $3400, Rate is 11% and Time is 176 Days. I keep getting $179.52 which is not a choice on my homework. Any help is greatly appreciated, denise
 one year ago
 one year ago
Hi everyone, would someone be able to help me with the following: Exact Interest for Principle of $3400, Rate is 11% and Time is 176 Days. I keep getting $179.52 which is not a choice on my homework. Any help is greatly appreciated, denise
 one year ago
 one year ago

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nwcountryBest ResponseYou've already chosen the best response.0
Rate = I/PT. That I can figure but somewhere I am messing up, thanks again, denise PS Exact interest is used as 365 days, I've been doing that part right too, I think, lol!
 one year ago

nwcountryBest ResponseYou've already chosen the best response.0
Oh lord, I'm too tired, I messed up the formula I see
 one year ago

klimenkovBest ResponseYou've already chosen the best response.1
11% means that someone will obtain $3400*0.11=$374 in a year. But 176 days is a \(\frac{176}{365}=0.482\) part of the year. So it will be $374*0.482=$180,268.
 one year ago

nwcountryBest ResponseYou've already chosen the best response.0
What is the exact Interest?
 one year ago

klimenkovBest ResponseYou've already chosen the best response.1
I think, it is. Do you have an answer to this?
 one year ago

nwcountryBest ResponseYou've already chosen the best response.0
18.03 or 182.84 or 18.28 or 18.34
 one year ago

klimenkovBest ResponseYou've already chosen the best response.1
It is the first one. Using the calculator with high precision: http://www.wolframalpha.com/input/?i=3400*0.11*176%2F365
 one year ago

nwcountryBest ResponseYou've already chosen the best response.0
Dangit, I knew it was going to be my calc. I can't seem to get it right, but hey, thank you much, I will try using the online calculator until I can handle this one I bought:) ty again, denise
 one year ago

klimenkovBest ResponseYou've already chosen the best response.1
You are welcome. If you have answer, don't be shy to ask them.
 one year ago
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