a loan for $2000 with a simple interest rate of 15% was made on September 29th and was due November 30th I have to find the ordinary interest rate and don't know how I know there are 62 days between those two dates with just two months and one day I don't know the rest
15%of 2000 is 300
thank you that much I know I just don't know how much to ordinary interest is
If the loan is for 62 days, then you want just 62/360 of the 15% for interest, since it's 15% for a whole year.
(assuming the 360-day year)
To find the ordinary interest rate, we need to first calculate the interest accrued over the 62-day period.
The formula to calculate simple interest is:
Interest = Principal (Loan amount) x Rate x Time
In this case, the principal (loan amount) is $2000, the time is 62 days, and we are trying to find the rate.
Let's break down the calculation step by step:
Step 1: Calculate the number of days between the loan date (September 29th) and the due date (November 30th).
Since September has 30 days, we subtract 29 from 30, which equals 1 day. The remaining days from October and November would be 31 + 30 = 61 days. Therefore, the total number of days between September 29th and November 30th is 1 + 61 = 62 days.
Step 2: Substitute the values into the formula and solve for the rate.
Interest = Principal x Rate x Time
Interest = $2000 x Rate x 62
Now, let's rearrange the formula to solve for the rate:
Rate = Interest / (Principal x Time)
With the given information, we have:
Rate = Interest / ($2000 x 62)
Step 3: Calculate the interest by using the formula for simple interest:
Interest = Principal x Rate x Time
Interest = $2000 x Rate x 62
Keep in mind that we are solving for the rate, not the interest amount. So, we need to rearrange the formula again to solve for the rate:
Rate = Interest / (Principal x Time)
Rate = Interest / ($2000 x 62)
Given the interest is not provided in the question, it is not possible to calculate the rate directly. If you can provide the interest amount, we can proceed to find the ordinary interest rate.