SOLUTION: find the exact interest for $600 at 8% for 45 days.(round to the nearest cent.)

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Question 311781: find the exact interest for $600 at 8% for 45 days.(round to the nearest cent.)
Answer by unlockmath(1688) About Me  (Show Source):
You can put this solution on YOUR website!
Hello,
First we can multiply the interest times amount which is:
$48
Since it's for 45 days we can find the fraction of a year that is:
45/365=9/73
Now multiply this by 48 to get:
$5.92
(Note: I am assuming the interest rate is 8% per year)
Make sense?
RJ
www.math-unlock.com