due date and amount of interest due
October 1 for $10,500 @ 8% for 60 days ?
To find the due date and amount of interest due, you'll need to calculate the interest accrued over the 60-day period.
First, calculate the interest by using the formula:
Interest = Principal * Rate * Time
Where:
- Principal is the amount borrowed ($10,500 in this case)
- Rate is the annual interest rate (8% or 0.08)
- Time is the period in years (60 days/365 days)
Interest = $10,500 * 0.08 * (60/365) = $144.38 (rounded to the nearest cent)
Now, to find the due date, you need to add the 60-day period to the initial date of October 1. Counting forward 60 days gives us November 30th.
Therefore, the due date for the loan of $10,500 at an 8% interest rate for 60 days is November 30th, and the amount of interest due is $144.38.
To calculate the due date and amount of interest due, we can follow these steps:
Step 1: Determine the due date by adding the given number of days to the starting date.
Starting date: October 1
Number of days: 60
Due date = October 1 + 60 days
Therefore, the due date is November 30.
Step 2: Calculate the amount of interest due using the formula:
Interest = Principal x Rate x Time
Principal = $10,500
Rate = 8% (convert it to decimal by dividing by 100)
Time = 60 days / 365 (assuming a 365-day year)
Interest = $10,500 x (8/100) x (60/365)
Therefore, the amount of interest due is $138.36.