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Barbara D’Angelo’s bank granted her a single-payment loan of $1,000 for 100 days at 12% ordinary interest. What is the amount of ordinary interest owed?
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Barbara D’Angelo’s bank granted her a single-payment loan of $1,000 for 100 days at 12% ordinary interest. What is the amount of ordinary interest owed?

User Litel
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1 Answer

2 votes
The formula is
I=prt
I interest owed?
P principle 1000
R interest rate 0.12
T time 100days/360days
360 days in a year which ordinary interest means
I=1,000×0.12×(100÷360)
I=33.33. ..Answer

Hope it helps!
User Jahdere
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7.6k points
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