SOLUTION: Jeffery obtains a $1000 loan to purchase a laser printer. His interest rate is 7% ordinary interest for 108 days. What is the interest owed?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Jeffery obtains a $1000 loan to purchase a laser printer. His interest rate is 7% ordinary interest for 108 days. What is the interest owed?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 931720: Jeffery obtains a $1000 loan to purchase a laser printer. His interest rate is 7% ordinary interest for 108 days. What is the interest owed?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=Prt
I=1000*0.07*108/365
I=$20.71