14 month 360/year loan interest

Cammy

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Mar 18, 2018
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Loan for 4500, interest rate 4.25%. Took the loan out on12/26/13, repay on 2/21/15. How much interest paid using the 360 day table. Ordinary. I have figured this every way I can and I haven't came up with right answer. Please help!!! I can figure anything under 360 days just not over.
 
Loan for 4500, interest rate 4.25%. Took the loan out on12/26/13, repay on 2/21/15. How much interest paid using the 360 day table. Ordinary. I have figured this every way I can and I haven't came up with right answer. Please help!!! I can figure anything under 360 days just not over.
What are your thoughts?

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Hi Cammy,

So, it looks like the duration is 422 days.

Is this interest compounded annually? If not, how is it compounded?

Thanks!
 
Loan for 4500, interest rate 4.25%. Took the loan out on12/26/13, repay on 2/21/15. How much interest paid using the 360 day table. Ordinary. I have figured this every way I can and I haven't came up with right answer. Please help!!! I can figure anything under 360 days just not over.
Why is "over" ANY different?
 
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