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PLEASE EXPLAIN YOUR REASONING!! If a loan is $2,000.00 at 12 percent annual interest and the loan was made on June 15 and due on December 15, what is the ordinary interest? A. $72.00 B. $24.00 C. $120.
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PLEASE EXPLAIN YOUR REASONING!!

If a loan is $2,000.00 at 12 percent annual interest and the loan was made on June 15 and due on December 15, what is the ordinary interest?

A. $72.00
B. $24.00
C. $120.00
D. $240.00​

User Predrag
by
4.7k points

2 Answers

3 votes

Answer:

$120.00

Explanation:

User Pedram Behroozi
by
4.2k points
5 votes

Answer:

$120.00

Explanation:

2000/100 = $20 = 1%

20x12 = $240 = annual intrest = 12m

June 15 - December 15 = 6m

240/2 = $120 for half a year intrest!

User Eric Smalling
by
5.1k points
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