karen's katering borrowing $4,500, at 8.5% interest,for 260 days. if the bank usues the exact interest method, how much interest will the bank collect? round to the nearest cent.
Thank you for the opportunity to help you with your question!
A = P(1 + rt); R = r * 100
From the base formula, A = P(1 + rt) derived from A = P + I and I = Prt so A = P + I = P + Prt = P(1 + rt)
Therefore in this case interest=4500*8.5/100*8.6/12
4500 × 0.085 × 8.5 to get that:
To the nearest cent=$3251.20
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