marit4729 marit4729

11-11-2022
Social Studies

Answered

Melinda Little obtained a single-payment loan of $325 to pay a repair bill. She agreed to
repay the loan in 30 days at an interest rate of 15.75% exact interest. What is the interest
owed?
The formula for interest is
Interest principal x interest rate x time.
'exact' interest rate is based on a 365 day year. Therefore time is # of days / 365
O $329.27
O $329.21
O $4.21
O $4.27

Answer :

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