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What is the ordinary interest of a loan of 500 at a 7 percent annual interest rate if the loan was made on March 15 and is due May 15?
Wiki User
∙ 11y ago
5.83$
===
Solution Method:
1. "ordinary interest" = "simple interest" <-- which is the correct financial term to use.
2. 7% APR interest can be expressed in any increment that you wish, by dividing it by a specific period of time (e.g.: annually rate = .07/1, monthly rate = .07/12, weekly rate = .07/(365/7), daily rate = .07/365
3. In your case, you want to compute the interest for 2 month as follows: (.07/12) * 2 * 500$ = 5.83$ <-- this is the simple interest owed
Wiki User
∙ 11y ago
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