How to calculate the amount of interest on a loan of $3,200 at 6% interest?

0 ⤊

for 60 days using the ordinary interest method?

2007-10-30 10:58:13 · 3 answers · asked by Kary M 1 in Science & Mathematics ➔ Mathematics

3200 * .06/6 = 3200*.01= $32.00

2007-10-30 11:03:33 · answer #1 · answered by ironduke8159 7 · 0⤊ 0⤋

$32

2016-05-26 03:18:55 · answer #2 · answered by ? 3 · 0⤊ 0⤋

If it is daily compounded, then the asnwer is,
I = 3200(1+.06/365)^60 - 3200 = $31.72

2007-10-30 11:09:55 · answer #3 · answered by sahsjing 7 · 0⤊ 0⤋