Asked by Krystle
Find the amount of the principal on a loan at 6% interest for 274 days if the interest was $68.50, using the ordinary interest method.
Answers
Answered by
MathMate
The ordinary interest method is to calculate simple interest based on 360 days in a year.
So
interest=principal*(days/360)*rate
68.50=principal*(274/360)*6%
therefore
principal=68.50*(360/274)/0.06
=$1500
So
interest=principal*(days/360)*rate
68.50=principal*(274/360)*6%
therefore
principal=68.50*(360/274)/0.06
=$1500
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.