compound intrest

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she borrowed 32,000 at 3.5% on december 26, 2012, and paid it off February 21, 2014. how much did she pay in intrest?

  • compound intrest -

    T = 365 + 57 = 422 Days.

    r = (3.5%/365)/100% = 9.58904*10^-5 =
    Daily % rate expressed as a decimal.

    I = Po*r*T
    I= 32000*0.00009589*422 = $1294.90

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