a loan for $2000 with a simple interest rate of 15% was made on September 29th and was due November 30th I have to find the ordinary interest rate and don't know how I know there are 62 days between those two dates with just two months and one day I don't know the rest
3 answers
15%of 2000 is 300
thank you that much I know I just don't know how much to ordinary interest is
If the loan is for 62 days, then you want just 62/360 of the 15% for interest, since it's 15% for a whole year.
(assuming the 360-day year)
(assuming the 360-day year)
1 answer