I want to barrow $40.000. The interest rate is 8.5 percent. How much intrest will pay for a 30day loan?

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I want to barrow $40.000. The interest rate is 8.5 percent. How much intrest will pay for a 30day loan?

2006-12-01 03:04:12 · 3 answers · asked by slickrick542003 1 in Business & Finance ➔ Credit

3 answers

$283.33 monthly
$3,400 yearly

2006-12-01 03:15:12 · answer #1 · answered by LatinArab 2 · 0⤊ 0⤋

(40,000 x .085) x 30/365 = $279.45

to use monthly as above is less accurate. Divide number of days by the number of days in a year times interest rate times loan amount.

2006-12-01 03:19:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋

$280 if the annual interest rate is 8.5.

2006-12-01 03:14:24 · answer #3 · answered by braennvin2 5 · 0⤊ 0⤋