Question

Find the exact interest to the nearest cent.

$5830 at 8% for 189 days

Answer 1

Answer:

For Exact Interest, 365 Days in a Year is Considered

Interest   = Principle x Rate x period in Days / Number of Days in a year                     = $ 5,830 x 8% x 189 / 365                     =   $ 241.51

Interest   = $ 241.51 (or) $ 242 (Rounded off)