SOLUTION: based on exact time, calculate the ordinary interst on a 15 1/4%, $24,000.00 loan dated March 25 and maturing on July 25.

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Question 251921: based on exact time, calculate the ordinary interst on a 15 1/4%, $24,000.00 loan dated March 25 and maturing on July 25.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=P(1+r/n)^t
A=24000(1.05)^.33
A=24000(1.016231)
A=24389.55
Interest = $389.55