Find the exact interest to the nearest cent.
-$4,880 at for 175 days
A)$317.20
B)$140.38
C)$154.19
D)$152.08

Question

Find the exact interest to the nearest cent.
-$4,880 at  for 175 days
A)$317.20 
B)$140.38 
C)$154.19 
D)$152.08

Quizplus · Accepted Answer

To find the exact interest, we can use the formula:

Interest = (principal x rate x time)/360

Where the rate is the annual interest rate and time is the number of days.

So in this case,

Principal = $4,880 
Rate = 11.66% = 0.1166 
Time = 175 days

Interest = ($4,880 x 0.1166 x 175)/360 = $152.08

Therefore, the closest option is D.

Find the Exact Interest to the Nearest Cent