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Joyce took out a loan for $21,900 at 12 percent on March 18, 2007, which will be due on January 9, 2008. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount:

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    Pt = Po + Po*r*t,

    r = (12%/12) / 100% = 0.01 = Monthly % rate (MPR) expressed as a decimal.

    t = 9.7 Mo. = Length of loan.

    Pt=21,900 + 21,900*0.01*9.7=$24,024.30

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