SOLUTION: I am suppose to receive a payment of $950.00 on the first of the month but do not receive payment until the 28th or 29th of the month. Payment plan says Statutory rate of 9% on any

SOLUTION: I am suppose to receive a payment of $950.00 on the first of the month but do not receive payment until the 28th or 29th of the month. Payment plan says Statutory rate of 9% on any

Algebra.Com

Question 878659: I am suppose to receive a payment of $950.00 on the first of the month but do not receive payment until the 28th or 29th of the month. Payment plan says Statutory rate of 9% on any unpaid balance from the due date. So how do I figure out what they owe for interest.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
0.09/365=0.0002466
0.0002466*28=0.0069
950*0.0069=$6.56
RELATED QUESTIONS
. A person is entitled to receive an annual payment which for each year is less by one... (answered by richwmiller)

Another one of those problems i cant figure out... can you help? Here it goes: A peasant... (answered by Earlsdon)

Dianne won a lottery prize of $200,000. She invested the entire amount and expects a... (answered by ikleyn)

You will receive $1500 on the first day. Every day after this your payment gets cut in... (answered by jim_thompson5910)

hello my friend !! I am in need of help. John. will provide a service for a friend... (answered by solver91311)

Assume you have a balance of $900 on a credit card with an APR of 24% or 2% per month.... (answered by Theo)

A 11-year-old child received an inheritance of $6000 per year. This was to be invested... (answered by Theo)

A 12-year-old child received an inheritance of $3000 per year. This was to be invested... (answered by ikleyn)

a man is to receive six payments of $500 each, the first payment in a years time and... (answered by Theo)