Question

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Calculate interest using a 360-day year. If required, round your answers to the nearest cent. Principal Interest Rate Time Interest $2,700 9.6% 30 days $ 3,000 8.0% 45 days $ 3,300 6.0% 80 days $ ll 3,800 10.5% $ $ $ 120 days 5,300 12.0% 150 days

Answer 1

Solution:
	CALCULATION OF INTEREST EXPENSES (USING 360 DAYS IN YEAR)
		Principal	Interest Rate	Time (In Days)	Calcultion	Interest
	Note Payable 1	$                     2,700	9.60%	30	$ 2,700 X 9.6% X 30/360 =	$                      21.60
	Note Payable 2	$                     3,000	8.00%	45	$ 3000 X 8.0% X 45/360 =	$                      30.00
	Note Payable 3	$                     3,300	6.00%	80	$ 3300 X 6.0% X 80/360 =	$                      44.00
	Note Payable 4	$                     3,800	10.50%	120	$ 3800 X 10.5% X 120/360 =	$                    133.00
	Note Payable 5	$                     5,300	12.00%	150	$ 5300 X 12.0% X 150/360 =	$                    265.00