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April 20, 2014

Homework Help: Business Math

Posted by Liz on Sunday, January 29, 2012 at 2:08pm.

Joyce took out a loan for $21,900 at 12 percent on March 18, 2000, which will be due on January 9, 2001. using ordinary interest, Joyce will pay back on January 9 a total amount of:

Answer: $24,068.10

Ordinary interest is 360
March 18 = 77 days
January 9 - 9 days

Interest = (P) Principal x (I) Rate x (T)Time

T = Exact number of days/360

Please show step by step. Thank you!

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