Ask a New Question

she borrowed 32,000 at 3.5% on december 26, 2012, and paid it off February 21, 2014. how much did she pay in intrest?

1 answer

T = 365 + 57 = 422 Days.

r = (3.5%/365)/100% = 9.58904*10^-5 =
Daily % rate expressed as a decimal.

I = Po*r*T
I= 32000*0.00009589*422 = $1294.90

Ask a New Question or answer this question.

Similar Questions

Diane Van Os decided to buy a new car since her credit union was offering such low interest rates. She borrowed $32,000 at 3.5%
1. 1 answer
Diane Van Os decided to buy a new car since her credit union was offering such low interest rates. She borrowed $32,000 at 3.5%
1. 1 answer
On January 1, 2011 you bought a two-year U.S. government bond with a principal (face value) of $1000 and a coupon rate of 6%
1. 1 answer
The following table presents the number of vehicles sold in a certain country by several manufacturers in February 2012 and
1. 1 answer

more similar questions