Question

Find the ordinary interest for $52,610 at 8.5% for 82 days

Answer 1

For this case we can use the following formula:

`I=Pr((days)/(360))`

Then we can replace the following values:

P= 52610 , r= 0.085 , days= 82

We are assuming a 360 days for a year, and we have:

`I=52610\cdot0.085\cdot((82)/(360))=1018.59`

Then the answer for this case is:

1018.19$