Billy Thornton borrowed $215,000 at a rate of 7.25%, simple interest, with interest paid at the...
Billy Thornton borrowed $215,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses a 360-day year. How much interest would Billy have to pay in a 30-day month?
Homework Answers
The interest that Billy would have to pay in a 30-day month is computed as shown below:
= Amount x rate of interest x 30 / 360
= $ 215,000 x 7.25% x 30 / 360
= $ 1,298.96 Approximately
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