To buy a laptop, Susan receives a $2000 loan at a 6.5% annual interest rate on January 10. The loan is due May 15. The year is not a leap year. Find the ordinary interest that Susan will pay for the loan?

Question

To buy a laptop, Susan receives a $2000 loan at a 6.5% annual interest rate on January 10. The loan is due May 15. The year is not a leap year. Find the ordinary interest that Susan will pay for the loan?

3 Answers

Answer Question

Answer 1

The difference in dates is 4 months and 5 days. "Ordinary interest" treats each month as 30 days, so the amount of interest charged is
$2000*6.5%*(4*30+5)/360
= $130*125/360
≈ $45.14

Answer 2

A. Convert 6.5% to decimal form by dividing it by 100
B. There are 365 days in a non-leap year, so divide answer from A by 365
C. Add 1 to answer from B
D. Starting at January 11, count days until May 15 including Jan 11 and May 15
E. Take Answer from C to the power of answer from D (C^D)
F. Multiply that times $2000 for total paid
G. Subtract $2000 from answer F to find total interest paid.

Answer 3

And if she bought a laptop with an antivirus that she doesn't need... I was sold to buy an antivirus, they say, without it it is impossible to work normally. But I read an article on the site http://antivirus-review.com/intego-review And I learned a lot. For example, What is an Intego backup assistant? I know that now.