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Business Math 04 - Calculating Interest Per Day (Practice 2)

If you are planning a vacation, you might have to think about finances!

Business Math 04 - Calculating Interest Per Day (Practice 2)

This Math quiz is called 'Business Math 04 - Calculating Interest Per Day (Practice 2)' 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.

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As calculating interest per day is a little trickier than calculating by simple years, additional practice is needed. Why all of the attention on interest? There is interest that needs to be paid (or earned) on almost everything in life. That’s just one of the reasons that math is and will always be an important part of your life and it will play many roles throughout as well. That is also what business math is all about. Teaching you everyday math and how it applies. This is math that you will use and the more you know about it and understand it, the better informed you will be to make some serious decisions in life such as what kind of a car should you get, what colleges can you afford to get into, getting married and the expenses involved in that. Then there is buying a house or going on a big vacation.

All of these avenues in life will involve interest - either per day interest or per year interest, simple interest or compound interest.

This quiz will continue the practice of per day interest (also known as per diem interest). You may use a calculator. In fact, you will need a calculator to round numbers off to the nearest hundredths of a cent. No practice problem is shown here but if you need to review the steps, please check out the quiz on Business Math (Calculating Interest Per Day (Practice 1).

Take a look at each of the following problems and then work them through to find their per day (per diem) solution.

1.
$695.00 at 5.2% for 632 days.
$56.29
$66.95
$59.62
$62.58
Working the problem
$695.00 at 5.2% for 632 days.
I = PRT
695 x 0.052 x 632/365
695 x 0.052 = 36.14
$36.14 per year
36.14 ÷ 365 (days) = 0.0990137 per diem
$0.0990137 x 632 (days) = $62.5767
I = $62.58
Answer (d) is the correct answer
2.
$1,375.00 at 4.15% for 611 days.
$905.52
$95.52
$59.92
$599.20
Working the problem
$1,375.00 at 4.15% for 611 days.
I = PRT
1375 x 0.0415 x 611/365
1375 x 0.0415 = 57.0625
$57.06 per year
57.06 ÷ 365 (days) = 0.1563288 per diem
$0.1563288 x 611 (days) = $95.52
I = $95.52
Answer (b) is the correct answer
3.
$66,725.00 at 4.23% for 285 days.
$2,203.85
$2,023.58
$2,032.85
$2,038.25
Working the problem
$66,725.00 at 4.23% for 285 days.
I = PRT
66,725 x 0.0423 x 285/365
66,725 x 0.0423 = 2,822.4675
$2,822.47 per year
2,822.47 ÷ 365 (days) = 7.7327945 per diem
$7.7327945 x 285 (days) = $2,203.8464
I = $2,203.85
Answer (a) is the correct answer
4.
$55,000.00 at 7.25% for 1500 days.
$1,638.69
$16,368.68
$1,638.70
$16,386.99
Working the problem
$55,000.00 at 7.25% for 1500 days.
I = PRT
55,000 x 0.0725 x 1500/365
55,000 x 0.0725 = 3,987.50
$3,987.50 per year
3,987.50 ÷ 365 (days) = 10.924658 per diem
$10.924658 x 1500 (days) = $16,386.99
I = $16,386.99
Answer (d) is the correct answer
5.
$33,950.00 at 8.33% for 410 days.
$3,716.07
$3,176.70
$3,617.70
$3,671.07
Working the problem
$33,950.00 at 8.33% for 410 days.
I = PRT
33,950 x 0.0833 x 410/365
33,950 x 0.0833 = 2,828.035
$2,828.04 per year
2,828.04 ÷ 365 (days) = 7.7480548 per diem
$7.7480548 x 410 (days) = $3,176.70
I = $3,176.70
Answer (b) is the correct answer
6.
$6,400.00 at 2.25% for 215 years.
$89.42
$89.24
$84.82
$84.28
Working the problem
$6,400.00 at 2.25% for 215 days.
I = PRT
6,400 x 0.0225 x 215/365
6,400 x 0.0225 = 144
$144.00 per year
144 ÷ 365 (days) = 0.3945205 per diem
$0.3945205 x 215 (days) = $84.82
I = $84.82
Answer (c) is the correct answer
7.
$27,800.00 at 6.75% for 243 days.
$1,429.29
$1,942.92
$1,249.29
$1,294.92
Working the problem
$27,800.00 at 6.75% for 243 days.
I = PRT
27,800 x 0.0675 x 243/365
27,800 x 0.0675 = 1,876.50
$1,876.50 per year
1,876.50 ÷ 365 (days) = 5.1410959 per diem
$5.1410959 x 243 (days) = $1,249.2863
I = $1,249.29
Answer (c) is the correct answer
8.
$825.00 x 5.87% for 120 days.
$16.29
$15.29
$16.92
$15.92
Working the problem
$825.00 at 5.87% for 120 days.
I = PRT
825 x 0.0587 x 120/365
825 x 0.0587 = 48.4275
$48.43 per year
48.43 ÷ 365 (days) = 0.1326849 per diem
$0.1326849 x 120 (days) = $15.92
I = $15.92
Answer (d) is the correct answer
9.
$177,000.00 at 6.875% for 10,950 days.
$365,062.50
$356,026.05
$356,206.50
$365,602.05
Working the problem
$177,000.00 at 6.875% for 10,950 days.
I = PRT
177,000 x 0.06875 x 10950/365
177,000 x 0.06875 = 12,168.75
$12,168.75 per year
12,168.75 ÷ 365 (days) = 33.3390411 per diem
$33.3390411 x 10950 (days) = $365,062.50
I = $365,062.50
Answer (a) is the correct answer
10.
$4,250.00 at 5.25% for 450 days.
$265.09
$270.09
$275.09
$280.09
Working the problem
$4,250.00 at 5.25% for 450 days.
I = PRT
4,250 x 0.0525 x 450/365
4,250 x 0.0525 = 223.125
$223.125 per year
223.125 ÷ 365 (days) = 0.6113014 per diem
$0. 6113014 x 450 (days) = $275.09
I = $275.09
Answer (c) is the correct answer
Author:  Christine G. Broome

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