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Interest accrued on $ 5,500 at 8% for 45 days is Note: Use 360 days a year
Interest accrued on $ 5,500 at 8% for 45 days is
Note: Use 360 days a year
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Koala Tutor
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The formula for calculating simple interest is I = PRT, where P is the principal amount, R is the rate of interest, and T is the time.
In this case, P = $5,500, R = 8% (or 0.08), and T = 45/360 = 0.125 years.
So, the interest accrued is I = $5,500 * 0.08 * 0.125 = $55.00.
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