Interest accrued on a $10,000, 8%, per 90 days is what? Assume a 365 day year.

Question

Question

business accounting

Answer 1

Answer #1

Interest accrued = Principal x Rate x Time period

= 10,000 x 8% x 90/365

= 800 x 90/365

= $197.26 or ( $197 rounded to nearest whole number)

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Answer 2

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