Ask Question
2 August, 12:10

PR newswire reported on a company that received a short-term loan the loan was dated April 12th 2006 to April 30th 2006 the rate of interest was 6.5% the interest earned was $162.50 using the ordinary interest what was the original amount of the loan

+4
Answers (1)
  1. 2 August, 15:50
    0
    The amount of Original Interest is $47,368.421

    Explanation:

    The original amount of the loan is computed as by using the ordinary interest:

    Ordinary Interest = Original Amount * 360 / Rate of Interest * Number of Days

    where

    Original Amount is $162.50

    Rate of Interest is 6.5%

    Number of Days is 19 (April, 12 2006 to April, 30 2006)

    Putting the values in the above:

    = $162.50 * 360 * 100 / 6.5 * 19

    = $5,850,000 / 123.5

    = $47,368.421
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “PR newswire reported on a company that received a short-term loan the loan was dated April 12th 2006 to April 30th 2006 the rate of ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers