Calculate the interest on $15,000 at 6 percent for 60 days
2006-11-16 15:10:27 · 7 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
I know thats why I didnt know how to find it - that's all it says. It's Accounting not math if that makes a difference..
2006-11-16 15:19:37 · update #1
15000*60/365*6/100
=$148
2006-11-16 15:18:06 · answer #1 · answered by raj 7 · 0⤊ 0⤋
Some factors could be missing - 6% annually or just over 60 days? is the interest calculated everyday or every 30 days?
2006-11-16 15:17:31 · answer #2 · answered by Metaspy 3 · 0⤊ 0⤋
Amount = $15,000
Rate = 6%
Amount multiplied by rate = ______
divided by 360 or 365 days in a year = _______
Multiplied by the number of days (60) = ______ your answer
(* either 360 or 365 is acceptabled
by the Federal Reserve Board)
2006-11-16 15:29:57 · answer #3 · answered by chey_one 3 · 0⤊ 0⤋
60 days = 2 months
Interest = 2/12 * 0.06 * 15000
= $ 150
2006-11-16 15:16:50 · answer #4 · answered by canzoni 3 · 1⤊ 1⤋
60days=2 months=1/6 yr
6% for 1/6 yr =1%
1%=.01 so .01*$15000=$150
2006-11-16 15:59:45 · answer #5 · answered by yupchagee 7 · 0⤊ 0⤋
How do I find the interest to answer this question.?
I can't believe that this wasn't already covered in your class:
http://en.wikipedia.org/wiki/Compound_interest#Periodic_compounding
2006-11-16 15:17:21 · answer #6 · answered by arbiter007 6 · 0⤊ 0⤋
15000x.06x60/365=147.95
2006-11-16 15:35:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋