principal: $60,000 interest rate: 12% time (in days using ordinary interest): simple interest: $3600 what is...

Question

Question

principal: $60,000
interest rate: 12%
time (in days using ordinary interest):
simple interest: $3600

what is the time in days using ordinary interest?

business finance

Answer 1

Answer #1

Simple Interest = Principal * Interest Rate * Time Period

$3,600 = $60,000 * 0.12 * Time Period

Time Period = $3,600 / [$60,000 * 0.12] = 0.5

Time Periods is 6 months or (365/2) = 182.5 days

Answer 2

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