Using the exact interest method (365 days), find the amount of interest on the following loan
Question
Updated 1/7/2014 12:08:44 PM
Confirmed by debnjerry [1/7/2014 12:08:44 PM]
Original conversation
User: Using the exact interest method (365 days), find the amount of interest on the following loan

Weegy: Rate = 0.06/365 = 0.0001643(per day) ... calculate the amount of interest on a loan of \$3.200 at 6% interest for 60 days using the ordinary interest [ method ? ]
Score .7998

User: Using the exact interest method (365 days), find the amount of interest on the following loan . principal 1700. rate 12.5 33days.

Weegy: The formula is Principal * Interest expressed as a decimal * Time in years. \$1,700 * .125 * (33/365) = interest is \$19.21

Question
Updated 1/7/2014 12:08:44 PM
Confirmed by debnjerry [1/7/2014 12:08:44 PM]
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