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.