Calculate the ordinary interest.

jaredvaldez

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You have a note in the amount of $10,000 at 9.5% interest running from January 5, to April 16.

Calculate the ordinary interest.


Calculate the exact interest.

Can someone explain and give the answer? I need to know how to do this and the answer. thanks :D
 

Subhotosh Khan

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You have a note in the amount of $10,000 at 9.5% interest running from January 5, to April 16.

Calculate the ordinary interest.

Calculate the exact interest.

Can someone explain and give the answer? I need to know how to do this and the answer. thanks :D
Study the problem and answer given in:

http://www.freemathhelp.com/forum/threads/80340-Please-help-me?highlight=ordinary+interest

Then come back for help.....

Please share your work with us.

You need to read the rules of this forum. Please read the post titled "Read before Posting" at the following URL:

http://www.freemathhelp.com/forum/th...217#post322217

We can help - we only help after you have shown your work - or ask a specific question (e.g. "are these correct?")
 

jaredvaldez

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This is what I got

Januarty 5'th - April 16
(Total day's) -
Month 1 - 27 day's - Month 2 - 28 day's - Month 3 31 day's - Month 4 - 16 day's
= 102 Day's total.


102 day's of 9.5% intrest of $10,000 Dollar's =




Montly Rate : 0.79166666666


3 months total = 2.37499999998
 

jaredvaldez

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Is this correct?

1) You have a note in the amount of $10,000 at 9.5% interest running from January 5, to April 16.
Calculate the ordinary interest.


January 5'th - April 16
(Total day's) -
Month 1 - 27 day's - Month 2 - 28 day's - Month 3 31 day's - Month 4 - 16 day's
= 102 Day's total.


102 day's of 9.5% intrest of $10,000 Dollar's =


Ordinary interest assumes 360 days/year or 30 days/month. This note is for 3 months and 11 days. Divide 9.5 by 12 to get your monthly rate and use the 16/30 ratio to get the interest earned on the 11 days. Add up all 3 months and 11 days worth of interest.


Monthly: 0.79166666666
3 months: 2.37499999998
11 days: 0.53333333333
ordinary interest = 5.54166666664
 

jaredvaldez

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ordinary interest

ordinary interest
 

soroban

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Hello, jaredvaldez!

You have a note in the amount of $10,000 at 9.5% interest from January 5, to April 16.
January 5 to April 16 = 101 days.


(a) Calculate the ordinary interest.
Ordinary interest assumes: 1 year = 360 days.

\(\displaystyle I \;=\;\$10,000 \times 9.5\% \times \frac{101}{360} \:=\:266.527777 \;\approx\;\$266.53\)




(b) Calculate the exact interest.
Exact interest assumes: 1 year = 365 days.

\(\displaystyle I \;=\;\$10,000 \times 9.5\% \times \frac{101}{365} \;=\;262.8767123 \;\approx \; \$262.88\)
 

Rmiles

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@soroban you are absolutely right, I was also searching right formula of interest calculation thank you so much for helping me.
I am also looking for online calculator can anyone help me find a best online calculator?
 

Subhotosh Khan

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@soroban you are absolutely right, I was also searching right formula of interest calculation thank you so much for helping me.
I am also looking for online calculator can anyone help me find a best online calculator?
Why are you responding to a ~8 year old thread? Make a new thread with your question to generate useful response.
 
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