# Calculate the ordinary interest.

#### jaredvaldez

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 #### Subhotosh Khan ##### Super Moderator Staff member 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
Study the problem and answer given in:

Then come back for help.....

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

##### New member
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 ##### New member 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 ##### New member ordinary interest ordinary interest #### soroban ##### Elite Member 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

##### New member
@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

##### Super Moderator
Staff member
@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.