Ask questions and get helpful answers.

On May 19, Bette Santoro borrowed $3,000 from Resse Bank at a rate of 12½%. The loan is to be repaid on October 8. Assuming the loan is based on exact interest, what's the total interest cost to Bette?

A. $265.89
B. $175.89
C. $145.89
D. $345.89

The closest answer I got was $375 but I know that isn't right.

I did 3000* 12 1/2%.

I could really use someone's help with this.

  1. 👍
  2. 👎
  3. 👁
  4. ℹ️
  5. 🚩
1 answer
  1. Bette didn't borrow the money for a year. She borrowed it for 142 days.

    142/365 * 375 = _________

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
    👤
    Ms. Sue

Answer this Question

Related Questions

Still need help?

You can ask a new question or browse existing questions.