Find the ordinary interest to the nearest cent.
-$3,570 at 9% for 338 days
A)$321.30
B)$301.67
C)$300.77
D)$3,871.67

Question

Quizplus · Accepted Answer

To find the simple interest, we use the formula I = Prt, where P is the principal ($3,570), r is the annual interest rate (9%), and t is the time in years (338/365). Plugging in these values, we get I = 3,570 x 0.09 x (338/365) = 301.67. Rounding to the nearest cent gives $301.67, which is answer B. Answer choices A and D are too high, and answer choice C is too low.

Find the Ordinary Interest to the Nearest Cent