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November 24, 2014

November 24, 2014

Posted by **Scott** on Saturday, March 8, 2008 at 5:31pm.

- Intrest Problem -
**Reiny**, Saturday, March 8, 2008 at 6:31pmDay 65: I = 17000*.12*65/360

= 368.33

So he owes 17368.33, at this time he pays off $2000 leaving him with a debt of

15368.33 at day 65

Day 89: another 24 days have passed

I = 15368.33*.12*24/360

= 122.95

so at this time he owes 15491.28, but pays off 4000 leaving with a balance on day 89 of 11491.28

It will be another 31 days till the note is due

I = 11491.28*.12*31/360

= 118.74

So at that time he owes 11610.02

The total interest paid is

368.33+122.95+118.74

= 610.02

BTW, I am in Canada, so I don't know what "US Rule" is. Tell me please

- Intrest Problem -
**Scott**, Saturday, March 8, 2008 at 6:33pmUS rule is using 360 days and not 365

- Intrest Problem -

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