The interest accrued on $7,500 at 6% for 90 days is: (Use 360 days a year.)
A)$450.00.
B)$37.50.
C)$112.50.
D)$11.25.
E)$1,800.00.

Name: The interest accrued on $7,500 at 6% for 90 days is: (Use 360 days a year.) A)$450.00. B)$37.50. C)$112.50. D)$11.25. E)$1,800.00.
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Question

Quizplus · Accepted Answer

First, we need to find the daily interest rate:

6% ÷ 360 days = 0.0167 or 1.67% per day

Then, we can calculate the interest accrued over 90 days:

$7,500 x 0.0167 x 90 = $112.50

Therefore, the answer is C) $112.50.

The Interest Accrued on $7,500 at 6% for 90 Days