Hey anyone good in account please help me understand what it is I am doing wrong with this question will definitely medal an appreciate the help.

What is the maturity vaule of a bill whose principal is $50,000, interest rate is 8% and term is 60 days?
These are the options
A)$50,657.52
B)$50,000
C)$657,52
D)$60,657.52

Question

Hey anyone good in account please help me understand what it is I am doing wrong with this question will definitely medal an appreciate the help.

What is the maturity vaule of a bill whose principal is $50,000, interest rate is 8% and term is 60 days?
These are the options 
A)$50,657.52
B)$50,000
C)$657,52
D)$60,657.52

rissyroo118 · Answer

It's $50,000×0.8%×60/365 and I'm getting = 6575.3424657534 I know you are next to add what you got with 50,000 but it still doesn't equal to any of the options above.

mathmate · Answer

@rissyroo118
You're almost there, except for a little error on the interest rate of 8% (not 80%).
Along the same lines, you should find your answer of the $value$, which includes principal, using
50000(1+0.08*(60/365)  using 365 days in a year.

mathmate · Answer

* 50000(1+0.08*(60/365))  using 365 days in a year

rissyroo118 · Answer

The closest anwser I come up with is A) 50,657.52? Am I correct I calculated it on my calculator

rissyroo118 · Answer

@mathmate

rissyroo118 · Answer

And if possible I have a couple other ones I'm having trouble with , the material is a bit confusing for me

mathmate · Answer

Yes, you're correct.  In fact, the answer is supposed to match exactly one of the answer choices.
If you have other questions, just post them (individually) to get more chances of being seen by helpers.  Tag me if you wish, but at least you get a better chance that they get answered by more helpers.