SOLUTION: a $14,500.00, 11% loan is dated May 17 and is due to be repaid on August 17. Assuming ordinary time, what is the ordinary interst on the loan?
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Question 251920: a $14,500.00, 11% loan is dated May 17 and is due to be repaid on August 17. Assuming ordinary time, what is the ordinary interst on the loan?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=P(1+r/n)^t
A=14500(1.0275)^.25
A=14500(1.0068)
A=14598.60
interest = $98.60
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