ludwig borrowed $8,000 on july 20, at 11% interest. if the loan was due on october 17, what was the amount of interest on the loan used the exact interest method

ludwig borrowed $8,000 on july 20, at 11% interest. if the loan was due on october 17, what was the amount of interest on the loan used the exact interest method

ludwig borrowed $8,000 on july 20, at 11% interest. if the loan was due on october 17, what was the amount of interest on the loan used the exact interest method

Original conversation

User: ludwig borrowed $8,000 on july 20, at 11% interest. if the loan was due on october 17, what was the amount of interest on the loan used the exact interest method

Weegy: Ludwig borrowed $8,000 on july 20, at 11% interest. if the loan was due on october 17, what was the amount of interest on the loan used the exact interest method? Number of days of the loan is 89, and exact interest method assumes a 365 day year. [ I=Prt = 8,000*.11*89/365 = 214.58. Therefore the amount of interest is $214.58.
] Expert answered|debnjerry|Points 51953|

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