Question

Convert 2 months to years expressed in decimal form to the nearest hundredth? user: find the exact interest on a loan of $4000 at 8 % annually for 50 days

Answer 1

Two months in years = 2/12 = 0.17 ( rounded )
Interest earned in 50 days = 4,000 * 0.08 * 50/365 = $43.83

Answer: I = $43.83