Biology Forums - Study Force

In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut. Round answers to the nearest cent.

		Actual
		Exact	Estimated
	Principal, Rate, and Time	Interest	Interest
a.	$3,600 at 8.12% for 45 days	__________	__________
			(let I = 8%)
b.	$2,515 at 8% for 91 days	__________	__________
			(let T = 90 days)
c.	$3,280 at 11.8% for 60 days	__________	__________
			(let I = 12%)

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