55.4k views
5 votes
asper makes a $28,000, 90-day, 8.5% cash loan to Clayborn Co. The amount of interest that Jasper will collect on the loan is: (Use 360 days a year.)

User Wangzhiju
by
8.5k points

1 Answer

0 votes

Answer:

$595

Explanation:

The computation of the amount of interest is shown below:-

Amount of interest = Loan amount × Interest rate × Number of days ÷ Number of days in a year

= $28,000 × 8.5% × 90 ÷ 360

= $595

Therefore for computing the amount of interest we simply applied the above formula.

And the same is to be considered

User RuntimeError
by
8.4k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.