Homework Help: simple interest

Posted by Anonymous on Monday, October 3, 2011 at 10:04pm.

find the simple interest. Assume a 360-day year and a 30-day month. 18000 at 5%; loan made on September 12 and due November 27.

simple interest - drwls, Monday, October 3, 2011 at 10:11pm
The length of the loan is 45 days. That is 1.5 months (1/8 year). The simple interest owed would be
18,000*[(0.05)/8]
= 112.50

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