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[{(3200*6)/100}/365]*60

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Q: What is the amount of interest on a loan of 3200 at 6 percent interest for 60 days using the ordinary interest method?
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Calculate the amount of interest on a loan of 3200 at 6 percent interest for 60 days using the ordinary interest method?

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Find the amount of interest on a loan of 6000 for 150 days is 210.50. Using the ordinary interest method what is the rate of interest on the loan?

it works out at roughly 11.71% - although that is if interest is only applied annually, I reckon this is probably not the case though, in which case the effective interest rate would be lower.


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What is the ordinary interest of a loan of 500 at a 7 percent annual interest rate if the loan was made on March 15 and is due May 15?

5.83$ === Solution Method: 1. "ordinary interest" = "simple interest" <-- which is the correct financial term to use. 2. 7% APR interest can be expressed in any increment that you wish, by dividing it by a specific period of time (e.g.: annually rate = .07/1, monthly rate = .07/12, weekly rate = .07/(365/7), daily rate = .07/365 3. In your case, you want to compute the interest for 2 month as follows: (.07/12) * 2 * 500$ = 5.83$ <-- this is the simple interest owed


How much interest does 10000 earn a month at 5 percent?

It depends on how it is calculated, but here is a list of the common answers depending on the method of interest earning: Compounded Annually: $10,000 x .05 = $500 / 12 = ~ $41.67


What is a good method for estimating the value of an account after accumulating interest for a given number of years?

An interest calculator will help to estimate the amount of interest earned and the overall value of an account. These can be found free online at Bank Rate, Money, Cool Math and Worth Watch.


Interest on a loan of 6000 for 150 days is 210.50 using the ordinary interest method what is the rate of interest on this loan round your answer to the nearest hundredth?

you take 210.50 divide it by 6000 which gives you .0350833. Then multiply it by 100, which gives you 3.50833 after that you divide by 150 days which gives you .0233888 and then multiply by 365 which gives you 8.536912 but leave it to the nearest hundredths 8.54%


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The interest method that credit card companies prefer will vary depending on the company. In most cases, they use the average daily balance method or the daily balance method.


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What is the formula for percentage of sales method?

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What factors are included to calculate interest?

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