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What is the interest on $50,000.00 at 5% for 40 days? Thanks
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Usually interest rates refer to an annual rate and 5% of $50,000 is
There are 365 days in a year so 40 days is 40/365 of a year. Hence the interest on $50,000 at an annual rate of 5% for 40 days is
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$50,000 = $2,500 |
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