Question

Find the interest odf the loan using banker's ruleP - $350,- = 4.8%, t = 150 days

Answer 1

i = P r T

interest: i

Principal = $350

Interest rate : 4.8% (in decimal form, 4.8/100 = 0.048)

time = t = days/365 = 150/360

Replacing:

i= 350 (0.048) (150/360) = 7