The tooal amount of interest on a loan of 6,000 for 150 days is 210.50.using the ordinary interest(360 days)method,what is the rate of interest on the loan.Round off answer to the nearest hundredth.

Question

I think it is 8.42%

Darrell owns a consulting business and has an estimated annual income of 63,000.His Social Security tax is 12.4%,Medicare is 2.9%,and his estimated federal income tax rate is 22%.How much quarterly estimated tax must Darrell send to the IRS for the first quarter?
I have 5,874.75
Could someone check these to see if I am right.

Answer 1

%Int. = (210.50/6000) 100 = 3.508%
for 150 days.

%Int.=(3.508% / 150 days )360days/yr = 8.42% / yr

Answer 2

Thank You Henry

Answer 3

Annual Taxes = (12.4 + 2.9 + 22)% / 100%)63000 = 23499 /yr.

Quarterly Taxes = 23499 / 4 = 5874.75.

Answer 4

Glad I could help!