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) About Me  (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