Can You Calculate The Amount Of Interest On A Loan Of $3,200 At 6% Interest For 60 Days Using The Ordinary Interest Method?

Interest = Principal * Rate * Time

Principal = 3200
Rate = 0.06/365 = 0.0001643(per day)
Time = 60 days

Putting the values in the formula you will get

Interest = 3200*0.0001643*(60)
  = 3200 x 0.00986
    = 31.56>>>answer

A business year has 360 days...

$32

3200x6% divided by 60=32.00