Asked by maninder
Mel took out a loan of $40,000 at 14 percent on March 16, 2007 which is due on January 15, 2008. Using exact interest, the amount of Mel's interest cost is:
Answers
Answered by
Ms. Sue
I = 40,000 * 0.14 * 0.8384
I = ?
March = 15 days
April = 30
May = 31
June = 30
July = 31
August = 31
September = 30
October = 31
November = 30
December = 31
January = 15
Total days = 306 days. Check my addition.
306/365 = 0.8384
I = ?
March = 15 days
April = 30
May = 31
June = 30
July = 31
August = 31
September = 30
October = 31
November = 30
December = 31
January = 15
Total days = 306 days. Check my addition.
306/365 = 0.8384
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.