Math
posted by Krystle .
Find the amount of the principal on a loan at 6% interest for 274 days if the interest was $68.50, using the ordinary interest method.

Math 
MathMate
The 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
Respond to this Question
Similar Questions

math
Calculate the amount of interest on a loan of $3,200 at 6% interest for 60 days using the ordinary interest method. A. $3.16 C. $32.00 B. $31.56 D. $384.00 3200x6% divided by 60=32.00 is this correct 
math
The total amount of interest on a loan of $6,000 for 150 days is 210.50.Using the ordinary interest method,what is the rate of interest on this loan? 
math
The total amount of interest on a loan of $6,000 for 150 days is $210.50. Using the ordinary interest method, what is the rate of interest on this loan? 
business math
Using the exact interest method (365 days), find the amount of interest on the following loan Principal Rate (%) Time (days) Exact Interest $1,700 12½ % 33 
math
The total amount of interest on a loan of $6,000 for 150 days is $210.50. Using the ordinary interest method, what is the rate of interest on this loan? 
Business Math
Find the amount of the principal on a loan at 6% interest for 274 days if the interest was $68.50, using the ordinary interest method. (Round to the nearest whole dollar amount) 
math
Suppose that you took out a loan at 7% interest for 192 days. If the amount of interest was $149.33, use the ordinary interest method to find the amount of principal you borrowed. Round to the nearest whole dollar amount. $ 
math
Jefferson Bank made a loan at 6% interest for 146 days. If the amount of interest was $36.50, use the ordinary interest method to find the amount of principal borrowed. Round to the nearest whole dollar amount 
Quantitative methods
State Bank made a loan at 12% interest for 360 days. If the amount of interest was $934.20, use the ordinary interest method to find the amount of principal borrowed. 
math
State Bank made a loan at 12% interest for 360 days. If the amount of interest was $934.20, use the ordinary interest method to find the amount of principal borrowed. (Round to the nearest whole dollar)