I have a percentage question

What is 8% of $81.00 for 30 days?
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1 Answer

This seems to be a simple interest problem. If it is, then I guess that 8% is the annual interest rate and 30 days is the time over which interest is to be calculated. 30 days is 30/365 of a year so the effective percentage is 30/365*8%. The interest is therefore 30/365*8/100*81=53 cents approximately. The factor 100 converts the percentage to a fraction.

by Top Rated User (1.2m points)

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