Find the ordinary interest to the nearest cent.
$19,000 at 12% for 101 days
I = Prt
I = 19,000 * 0.12 * 0.2767
I = $630.88
To find the ordinary interest, we'll use the formula:
Interest = Principal x Interest Rate x Time
Given:
Principal (P) = $19,000
Interest Rate (R) = 12% = 0.12
Time (T) = 101 days
Let's plug in the values into the formula:
Interest = $19,000 x 0.12 x (101/365)
To the nearest cent, we'll round the answer to two decimal places.
Interest = $19,000 x 0.12 x 0.2767 ≈ $618.64
Therefore, the ordinary interest, to the nearest cent, is approximately $618.64.
To calculate the ordinary interest for a given amount, interest rate, and time period, you can use the following formula:
Ordinary Interest = Principal × Interest Rate × Time
In this case, the principal is $19,000, the interest rate is 12% (or 0.12 as a decimal), and the time is 101 days.
First, convert the time from days to years: 101 days ÷ 365 days/year ≈ 0.2774 years.
Now, plug in the values into the formula:
Ordinary Interest = $19,000 × 0.12 × 0.2774
Multiply the numbers:
Ordinary Interest ≈ $19,000 × 0.03329
Ordinary Interest ≈ $631.51
Therefore, the ordinary interest on $19,000 at 12% for 101 days is approximately $631.51.