Posted by Scott on Saturday, March 8, 2008 at 4:50pm.
First, multiply 0.1175 * 2500 to find the yearly interest. Let that number be represented by x.
Next, figure out how many days there are between Sept. 14 and Jan. 27. Let that number be resented by d.
Then, find the amount she'll owe on a partial year by plugging your numbers into this equation.
Interest = (d/360) * x
If you post your answer, we'll be glad to check it.
I think the answere is 110.99
I am not understanding this here still. I have figured out that D=136 and the intrest is = 293.75
You're right so far. She had the loan for 136 days. The yearly interest is $293.75.
Now you need to find the percentage of the year that she had the loan.
136 / 360 = 0.375 = 37.5% of the year.
Multiply 0.375 * $293.75 to find the interest she'll owe in January.
Related Questions
Simple Intrest - ON September 14th Jennifer Rick went to a park bank to borrow ...
Intrest - On Sept 14 Jennifer Rick went to park bank to borrow 2500.00 at 11 3/4...
math - On september 28, Jennifer Rick went to Park Bank to borrow $4,500 at ...
Simple Interest & Maturity Value - On September 7, Jennifer Rick went to ...
business Maths - On September 14, Jennifer Rick went to Park Bank to borrow $2,...
math - calculate the simple intrest on a loan of $18,500 at 11% intrest for 18 ...
business/math - what is the answer to: you obtain a margin loan of 18000 to ...
simple intrest - Carol Miller went to Europe and forgot to pay her 740 mortgage ...
Intrest Problem - Carol Miller went to Europe and forgot to pay her 740.00 ...
Please help! - If your bank paid simple intrest Of 4.25% compounded annually ...
For Further Reading
