Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x R × T. Round your answers to the nearest cent. Principal Rate Time Interest $4,100 6.00% 30 days 1,000 7.50 60 3,500 8.00 120 950 6.80 95 1,250 7.25 102 2,600 7.00 90

Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x R × T. Round your answers to the nearest cent. Principal Rate Time Interest $4,100 6.00% 30 days 1,000 7.50 60 3,500 8.00 120 950 6.80 95 1,250 7.25 102 2,600 7.00 90

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Calculating Interest
Using 360 days as the denominator, calculate interest for the following notes using the
formula I = P x R × T. Round your answers to the nearest cent.
Principal Rate
Time
Interest
$4,100
6.00%
30 days
1,000
7.50
60
3,500
8.00
120
950
6.80
95
1,250
7.25
102
2,600
7.00
90

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