Find the ordinary interest to the nearest cent.
-$24,470 at % for 103 days
A)$1,345.85
B)$381.32
C)$24,855.06
D)$385.06

Name: Find the ordinary interest to the nearest cent. -$24,470 at % for 103 days A)$1,345.85 B)$381.32 C)$24,855.06 D)$385.06
Brand: Quizplus
Rating: 4.9 (34 reviews)

Question

Find the ordinary interest to the nearest cent.
-$24,470 at  % for 103 days
A)$1,345.85 
B)$381.32 
C)$24,855.06 
D)$385.06

Quizplus · Accepted Answer

Using the formula: Interest = (Principal x Rate x Time)/36500
Interest = (24,470 x 0.11 x 103)/36500 = $98.34
Rounding to the nearest cent gives us $98.35 which is closest to option D) $385.06. Therefore, the answer is D.

Find the Ordinary Interest to the Nearest Cent