Help please!
Mr. Steinfeld borrowed $1,200 from a bank for 90 days at 12% annaual interest. How much interest did she pay?
2007-08-29 06:40:38 · 4 answers · asked by I like turtles. 3 in Science & Mathematics ➔ Mathematics
Its from my school workbook, I don't understand it.
Btw, its Ms. Steinfield, sorry
2007-08-29 06:51:50 · update #1
None (or not enough information) because "she" cannot be Mr. Steinfeld because Mr. Steinfeld is obviously a man, and not a "she" at all.
You almost caught me.
UPDATE: Oh OK. In that case, you need to know if the interest is simple or compounded, and if it is compounded, how often. Let's assume this is simple interest. Then you can just take 1200 * (90/365 * .12) to find the interest. It's about $35.51.
2007-08-29 06:46:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
For banks, a "year" means 360 days; 90 days is therefore 1/4 of a year. Therefore, find 1/4 of the annual interest rate and multiply by the principal borrowed.
2007-08-29 13:49:32 · answer #2 · answered by Mathsorcerer 7 · 0⤊ 0⤋
well thats kind of a stupid question because there isnt a way to calculate annual interest into a 90 day period. but if the just want you to add the interest, then x over 1200 = 12 over 100 . cross multiply and divide and you get $144
2007-08-29 13:48:01 · answer #3 · answered by thegreatescape5 2 · 0⤊ 1⤋
12% interest a year is 0.033% per day or 2.96% per 90 days, which, on $1,200 is $35.50.
2007-08-29 13:55:03 · answer #4 · answered by revo 2 · 0⤊ 0⤋