Business Math

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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!

  • Business Math -

    okay, I figure how to solve my problem.

    Principal: $21,900
    Interest Rate: 12%
    Date borrowed: March 18 = 77 days
    Date repaid: January 9 = 9 days

    365 - 77 = 288 + 9 = 297 days
    Interest = Prinicpal x Rate x Time
    I = $21,900 x .12 x 297/360
    I = $2,168.10

    Maturity Value = Principal + Interest
    MV = $21,900 + $2,168.10
    MV = $24,068.10

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