###### Asked in Business & Finance

Business & Finance

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

## Answer

###### Wiki User

###### November 11, 2012 2:56AM

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

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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
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