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Apr =annual percentage rate
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How do you calculate penal interest?
closing balance of year*2%/365*no of days from limit disbursed
How many days were in 2006?
It was not a leap year so there were 365 days in 2006.
How calculating the bank interest?
Depends, some banks use interest per 360 days others interest per 365 days, even when in general interest is owed per year. So for example 5% on 1 Million is 1000000 x 0.05 = 50000, so the multiplicator is created as follows: 100% is 1, 10% is 0.1 and 1% is 0.01, the result you can divide by 12 to get the month or divide by the days (either 360 or 365) to get the daily amount. For compounding interest the formula is a bit more involved.
What is the amount of interest on a loan of 3200 at 6 percent interest for 60 days using the ordinary interest method?
[{(3200*6)/100}/365]*60
Daily interest rate on annual rate of 17.7 percent?
If the interest is simple exact interest, the answer is 17.7/365 = 0.0485 daily percent interest, to the justified number of significant digits.
Difference between Exact interest and Ordinary interest?
Interest that is based on a 360-day year instead of a 365-day year. In contrast, exact interest is based on a 365-day year. If large sums of money are involved, the difference can be significant
How do you calculate penal interest?
closing balance of year*2%/365*no of days from limit disbursed
What is 0.6 of a year?
There are 365 days in one year. 1% of a year is 365/100, which is 3.65. If you multiply 3.65 by 60 you can find 60% of a year, which is 219 days.
How the interest on savings account is calculated?
The interest on a business savings account is compounded daily using a 365-day year (366 days each leap year) and calculated on the collected balance.
How do you calculate fixed interest?
Fixed deposit interest is calculated using the simple interest concept Interest = (principal * no. of years * rate of interest) / 100 principal = the amount you deposited rate of interest = the amount in % Ex: Deposit amount - 10,000 Rate of interest = 10% no of days = 365 Interest = (10000 * 365 * 10) / (365*100) = 1000
How do you calculate fixed deposit interest?
Fixed deposit interest is calculated using the simple interest concept Interest = (principal * no. of years * rate of interest) / 100 principal = the amount you deposited rate of interest = the amount in % Ex: Deposit amount - 10,000 Rate of interest = 10% no of days = 365 Interest = (10000 * 365 * 10) / (365*100) = 1000
How is the interest calculated on business savings accounts?
The interest on a business savings account is compounded daily using a 365-day year (366 days each leap year) and calculated on the collected balance.
How much would 1000000.00 be worth at 5 percent interest after 28 days?
5% interest means 5% for 1 year.1 year = 365 days28 days = (28 / 365) yearOn $1,000,000, that amounts to (1,000,000 x 0.05 x 28/365) = $3,835.62 So when you go back to drain your account in 28 days, your $million is worth $1,003,835.62
How do you find out how many weeks in a year?
To find out how many weeks are in a year, you have to divide 365 by 7. You should probably get 52.1428571.
How much days are in a year?
365 1/4 days in a year 365 and a quarter days every year, that's why we have a leap year every fourth year to round it up
How many year in 365?
365 days = 1 year
Find the interest on a discount loan of 10000 dollars at 4.3 percent for 123 days?
principal X rate X time = interest since its not a full year you must do this 123days divide by 365, 123/365=.34 10,000 x .043= 430 (<- change percent to decimal, so its .043 not 4.3%) then, 430 x .34 = $146.20 multiply 430 by .34 because og the fraction of a year So your answer is $146.20
