Janet took out a loan of $50,000 from Bank of America at 8 percent on March 19, 2006 which is due on July 8, 2006. Using exact interest, the amount of Janet's interest cost is:

Question

anonymous · Answer

54000

anonymous · Answer

how did u do that

anonymous · Answer

50,000 time .08 = 4000 as the interest
and add that to the original 50000 equals 54000

anonymous · Answer

The total amount is the original amount + the interest added. 8% means 8/100 times the original amount. So we have:$$50000 + \frac{8}{100}\times50000$$

anonymous · Answer

nooo This is completely wrong, their not even figuring the time. 

this equation should look like this   I= P x R x T 
                                                 50,000 x .08 x 111/365 = ?