SOLUTION: Joan Roe borrowed $85,000 at a rate of 11 3/4 percent. The date of the loan was July 8. Joan is to repay the loan on Sept. 14. Assuming the loan is based on exact interest, the int

SOLUTION: Joan Roe borrowed $85,000 at a rate of 11 3/4 percent. The date of the loan was July 8. Joan is to repay the loan on Sept. 14. Assuming the loan is based on exact interest, the int

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Question 520839: Joan Roe borrowed $85,000 at a rate of 11 3/4 percent. The date of the loan was July 8. Joan is to repay the loan on Sept. 14. Assuming the loan is based on exact interest, the interest Joan will pay on Sept. 14 is?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=85000*0.1175*81/365
I=$2,216.40
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