# 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.

1. 👍 0
2. 👎 0
3. 👁 806
1. 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

1. 👍 0
2. 👎 0

## Similar Questions

1. ### math

Consider a student loan of \$17,500 at a fixed APR of 9% for 25 years. Calculate the monthly payment, determine the total amount paid over the term of the loan, and of the total amount paid, what percentage is paid towards the

Joyce took out a loan for \$21,900 at 12 percent on March 18, 2000, which will be due on January 9, 2001. using ordinary interest, Joyce will pay back on January 9 a total amount of: Answer: \$24,068.10 Ordinary interest is 360

3. ### Maths

Principal - 6000 Rate - 5% Effective Date - May 15 Maturity Date - November 1 Partial Payment Amount - \$1500 Partial Payment Date -August 15 Also Answer the following questions: 1. NUMBER OF DAYS BETWEEN EFFECTIVE DATE AND PARTIAL

Myerson borrowed \$8,500 at 9% ordinary interest for 200 days. After 120 days, he made a partial payment of \$4,000. What is the final amount due on the loan?

1. ### Algebra

A = P(1 + rt) is used to find the principal amount P deposited, earning r% interest, for t years. Use this to find what principal amount P David invested at a 5% rate for 12 yr if A = 7,000.

. Ludwig borrowed \$8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the amount of interest on the loan using the exact interest method?

3. ### math

Legitimate Financial Services made a loan at 9.75% interest for 254 days. If the amount of interest was \$270.50, use the exact interest method to find the amount of principal borrowed. (Round to the nearest whole dollar amount)

4. ### math

Catherine borrowed \$19,000 on June 20, at 10% interest. If the loan was due on September 17, what was the amount of interest on the loan using the exact interest method?

1. ### APR Problem

After visiting several automobile dealerships, Richard selects the car he wants. He likes its \$11,000 price, but financing through the dealer is no bargain. He has \$2,200 cash for a down payment, so he needs an \$8,800 loan. In

2. ### math

The Sandersons are planning to refinance their home. The outstanding principal on their original loan is \$100,000 and was to amortized in 240 equal monthly installments at an interest rate of 11%/year compounded monthly. The new

3. ### 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)

4. ### Math 201

I am having problems with this question in my math class. Consider a student loan of ​\$25,000.00 at a fixed APR of 12% for 25 years. a. Calculate the monthly payment. The monthly payment is \$263.31 b. Determine the total amount