Friday

February 27, 2015

February 27, 2015

Posted by **Krystle** on Sunday, June 23, 2013 at 12:38am.

- Math -
**MathMate**, Sunday, June 23, 2013 at 5:55amThe ordinary interest method is to calculate simple interest based on 360 days in a year.

So

interest=principal*(days/360)*rate

68.50=principal*(274/360)*6%

therefore

principal=68.50*(360/274)/0.06

=$1500

**Answer this Question**

**Related Questions**

Business Math - Find the amount of the principal on a loan at 6% interest for ...

math - The total amount of interest on a loan of $6,000 for 150 days is 210.50....

math - Jefferson Bank made a loan at 6% interest for 146 days. If the amount of ...

math - Suppose that you took out a loan at 7% interest for 192 days. If the ...

math - The total amount of interest on a loan of $6,000 for 150 days is $210.50...

math - The total amount of interest on a loan of $6,000 for 150 days is $210.50...

math - Calculate the amount of interest on a loan of $3,200 at 6% interest for ...

business math - Using the exact interest method (365 days), find the amount of ...

math - the total amount of interest on this loan of $6000 for 150 days is $210....

Ordinary Interest - A loan of $2500 is taken on March 15 and repaid September ...