Leading Streak Today
Your Streak Today
Leading Streak Today
Your Streak Today
How can you make more money?
Business Math 03 - Calculating Interest Per Day (Practice 1)
This Math quiz is called 'Business Math 03 - Calculating Interest Per Day (Practice 1)' and it has been written by teachers to help you if you are studying the subject at middle school. Playing educational quizzes is a fabulous way to learn if you are in the 6th, 7th or 8th grade - aged 11 to 14.
It costs only $12.50 per month to play this quiz and over 3,500 others that help you with your school work. You can subscribe on the page at Join Us
You have learned how to calculate simple interest per year. It is pretty straightforward in that, using the formula, it is the principal times the interest rate times the number of years (I = PRT). But what happens if the principal amount is paid off in days rather than years? Let’s look at an example problem.
1 .
$2,500.00 at 4.25% for 300 days.
$106.33
$106.26
$78.33
$87.33
2 .
$1,525.00 at 4.85% for 309 days.
$66.12
$61.62
$62.61
$61.26
Working the problem
$1,525.00 at 4.85% for 309 days.
I = PRT
1,525 x 0.0585 x 309/365
1,525 x 0.0485 = 73.96
$73.96 per year
73.96 ÷ 365 (days) = 0.2026301 per diem
$0.2026301 x 309 (days) = $62.61
I = $62.61
Answer (c) is the correct answer
$1,525.00 at 4.85% for 309 days.
I = PRT
1,525 x 0.0585 x 309/365
1,525 x 0.0485 = 73.96
$73.96 per year
73.96 ÷ 365 (days) = 0.2026301 per diem
$0.2026301 x 309 (days) = $62.61
I = $62.61
Answer (c) is the correct answer
3 .
$675.00 at 5.2% for 332 days.
$39.31
$31.93
$13.39
$33.91
Working the problem
$675.00 at 5.2% for 332 days.
I = PRT
675 x 0.052 x 332/365
675 x 0.052 = 35.10
$35.10 per year
35.10 ÷ 365 (days) = 0.0961644 per diem
$0.0961644 x 332 (days) = $31.93
I = $31.93
Answer (b) is the correct answer
$675.00 at 5.2% for 332 days.
I = PRT
675 x 0.052 x 332/365
675 x 0.052 = 35.10
$35.10 per year
35.10 ÷ 365 (days) = 0.0961644 per diem
$0.0961644 x 332 (days) = $31.93
I = $31.93
Answer (b) is the correct answer
4 .
$3,750.00 at 7.13% for 118 days.
$86.44
$96.44
$76.44
$106.44
Working the problem
$3,750.00 at 7.13% for 118 days.
I = PRT
3,750 x 0.0713 x 118/365
3,750 x 0.0713 = 267.38
$267.38 per year
267.38 ÷ 365 (days) = 0.7325479 per diem
$0.7325479 x 118 (days) = $86.44
I = $86.44
Answer (a) is the correct answer
$3,750.00 at 7.13% for 118 days.
I = PRT
3,750 x 0.0713 x 118/365
3,750 x 0.0713 = 267.38
$267.38 per year
267.38 ÷ 365 (days) = 0.7325479 per diem
$0.7325479 x 118 (days) = $86.44
I = $86.44
Answer (a) is the correct answer
5 .
$64,725.00 at 8% for 180 days.
$2,553.35
$2,355.35
$2,553,53
$2,535.53
Working the problem
$64,725.00 at 8% for 180 days.
I = PRT
64,725 x 0.08 x 180/365
64,725 x 0.08 = 5,178
$5,178.00 per year
5,178 ÷ 365 (days) = 14.1863014 per diem
$14.1863014 x 180 (days) = $2,553.53
I = $2,553.53
Answer (c) is the correct answer
$64,725.00 at 8% for 180 days.
I = PRT
64,725 x 0.08 x 180/365
64,725 x 0.08 = 5,178
$5,178.00 per year
5,178 ÷ 365 (days) = 14.1863014 per diem
$14.1863014 x 180 (days) = $2,553.53
I = $2,553.53
Answer (c) is the correct answer
6 .
$18,515.00 at 5.175% for 265 days.
$659.46
$695.64
$665.94
$645.59
Working the problem
$18,515.00 at 5.175% for 265 days.
I = PRT
18,515 x 0.05175 x 265/365
18,515 x 0.05175 = 958.15
$958.15 per year
958.15 ÷ 365 (days) = 2.6250685 per diem
$2.6250685 x 265 (days) = $695.64
I = $695.64
Answer (b) is the correct answer
$18,515.00 at 5.175% for 265 days.
I = PRT
18,515 x 0.05175 x 265/365
18,515 x 0.05175 = 958.15
$958.15 per year
958.15 ÷ 365 (days) = 2.6250685 per diem
$2.6250685 x 265 (days) = $695.64
I = $695.64
Answer (b) is the correct answer
7 .
$25,000.00 at 6.75% for 243 days.
$1,123.46
$1,132.46
$1,132.64
$1,123.64
Working the problem
$25,000.00 at 6.75% for 243 days.
I = PRT
25,000 x 0.0675 x 243/365
25,000 x 0.0675 = 1,687.50
$1,687.50 per year
1,687.50 ÷ 365 (days) = 4.6232877 per diem
$4.6232877 x 243 (days) = $1,123.46
I = $1,123.46
Answer (a) is the correct answer
$25,000.00 at 6.75% for 243 days.
I = PRT
25,000 x 0.0675 x 243/365
25,000 x 0.0675 = 1,687.50
$1,687.50 per year
1,687.50 ÷ 365 (days) = 4.6232877 per diem
$4.6232877 x 243 (days) = $1,123.46
I = $1,123.46
Answer (a) is the correct answer
8 .
$8,300.00 at 9.25% for 212 days.
$454.39
$445.93
$445.39
$544.93
Working the problem
$8,300.00 at 9.25% for 212 days.
I = PRT
8,300 x 0.0925 x 212/365
8,300 x 0.0925 = 767.75
$767.75 per year
767.75 ÷ 365 (days) = 2.1034247 per diem
$2.1034247 x 212 (days) = $445.93
I = $445.93
Answer (b) is the correct answer
$8,300.00 at 9.25% for 212 days.
I = PRT
8,300 x 0.0925 x 212/365
8,300 x 0.0925 = 767.75
$767.75 per year
767.75 ÷ 365 (days) = 2.1034247 per diem
$2.1034247 x 212 (days) = $445.93
I = $445.93
Answer (b) is the correct answer
9 .
$100.00 at 3.23% for 60 days.
$0.53
$5.30
$5.03
$0.35
Working the problem
$100.00 at 3.23% for 60 days.
I = PRT
100 x 0.0323 x 60/365
100 x 0.0323 = 3.23
$3.23 per year
3.23 ÷ 365 (days) = 0.0088493 per diem
$0.0088493 x 60 (days) = $0.53
I = $0.53
Answer (a) is the correct answer
$100.00 at 3.23% for 60 days.
I = PRT
100 x 0.0323 x 60/365
100 x 0.0323 = 3.23
$3.23 per year
3.23 ÷ 365 (days) = 0.0088493 per diem
$0.0088493 x 60 (days) = $0.53
I = $0.53
Answer (a) is the correct answer
10 .
$425.00 at 2.85% for 90 days.
$2.79
$2.97
$2.89
$2.99
Working the problem
$425.00 at 2.85% for 90 days.
I = PRT
425 x 0.0285 x 90/365
425 x 0.0285 = 12.11
$12.11 per year
12.11 ÷ 365 (days) = 0.0331849 per diem
$0.0331849 x 90 (days) = $2.99
I = $2.99
Answer (d) is the correct answer
$425.00 at 2.85% for 90 days.
I = PRT
425 x 0.0285 x 90/365
425 x 0.0285 = 12.11
$12.11 per year
12.11 ÷ 365 (days) = 0.0331849 per diem
$0.0331849 x 90 (days) = $2.99
I = $2.99
Answer (d) is the correct answer
**Unlimited Quizzes Await You! 🚀**
Hey there, quiz champ! 🌟 You've already tackled today's free questions.
Ready for more?
Ready for more?
🔓 Unlock UNLIMITED Quizzes and challenge yourself every day. But that's
not all...
not all...
🔥 As a Subscriber you can join our thrilling "Daily Streak" against other
quizzers. Try to win a coveted spot on our Hall of Fame Page.
quizzers. Try to win a coveted spot on our Hall of Fame Page.
Don't miss out! Join us now and keep the fun rolling. 🎉
**Unlimited Quizzes Await You! 🚀**
Hey there, quiz champ! 🌟 You've already tackled today's free questions. Ready for more?
🔓 Unlock UNLIMITED Quizzes and challenge yourself every day. But that's not all...
🔥 As a Subscriber you can join our thrilling "Daily Streak" against other quizzers. Try to win a coveted spot on our Hall of Fame Page.
Don't miss out! Join us now and keep the fun rolling. 🎉
Here To Help
Our Social Circles
© Copyright 2016-2024 - Education Quizzes
Work Innovate Ltd - Design | Development |
Marketing
$2,500.00 at 4.25% for 300 days.
I = PRT
2,500 x 0.0425 x 300/365
2,500 x 0.0425 = 106.25
$106.25 per year
106.25 ÷ 365 (days) = 0.2910959 per diem
$0.2910959 x 300 (days) = $87.33
I = $87.33
Answer (d) is the correct answer