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: (Points : 1)
$5,018.44
$2,561.44
$5,261.44
$5,216.44
None of these

Question

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: (Points : 1) 
       $5,018.44
       $2,561.44
       $5,261.44
       $5,216.44
       None of these

mathmate · Answer

Can you check the question (namely the dates or year).
A whole year's interest costs $4000, so less than 1/3 of a year cannot cost a minimum of $2561.

mathmate · Answer

If the repayment date is in 2007, then it's D (total of 365+111 days)