Solve the Problem $5 \frac { 3 } { 4 } \%$

question 194

Multiple Choice

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
-Skyway Marketing, Ltd. bought a new computer system. To pay for the system, they borrowed $47,090 at $5 \frac { 3 } { 4 } \%$ Interest for 150 days. Find the interest owed. (Use a 365 day year.)

• A) $1112.74
• B) $676.92
• C) $2707.68
• D) $967.60

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Definitions:

Interest

The cost of using money over a period, expressed as a percentage rate.

Study

An organized investigation or analysis aimed at discovering new knowledge or understanding existing knowledge in a systematic way.

Observational Studies

Research methods in which subjects are observed in their natural setting without any manipulation by the researcher.

Researchers

Individuals or professionals who conduct detailed study and systematic investigation into something with the aim of discovering or revising facts, theories, applications, etc.