Posted on: 22nd Oct, 2009 06:12 am
I need to know how to calculate the amount of interest on loan of 3200.00 at 6% for 60 days using the ordinary interest method.
well I would do it this way:
$3200 x 6% = $192/ year
$192 divided by 12 would be $16/month
$16 x 2months = $32
$3200 x 6% = $192/ year
$192 divided by 12 would be $16/month
$16 x 2months = $32
thank you, makes sense to me now
