Question
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
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