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

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Ellie Hoe Profile
Ellie Hoe answered
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
Anonymous Profile
Anonymous answered
$32
Anonymous Profile
Anonymous answered
A 45 day 16,687.50 note was dated january 28, and discounted on march 3 at 18%. What is the term of the discount

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Anonymous