Asked by 5555
Can somebody show to calculate the interest for this problem. The answer is 1020
Question: July 1, 2022 loaned $17,000 cash to Thomas Slocombe on a 9-month, 12% note . How much interesthas accumulated on Dec 31,2022?
This is how I did it but wrong
17000*.12*(6/9)=1360
Question: July 1, 2022 loaned $17,000 cash to Thomas Slocombe on a 9-month, 12% note . How much interesthas accumulated on Dec 31,2022?
This is how I did it but wrong
17000*.12*(6/9)=1360
Answers
Answered by
oobleck
the interest rate is annual
6 months is 1/2 year, regardless of the length of the note
So, assuming simple interest, you would get
17000*.12*(6/12) = 1020
6 months is 1/2 year, regardless of the length of the note
So, assuming simple interest, you would get
17000*.12*(6/12) = 1020
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.