Question

21900*0.12*297/360 this formula is not working out for me, can someone help with correct formula 21900 loan at 0.12 loan for 297 days
thanks in advance

Answer 1

Please can you tell us the full question? With all the information I can help you find the right formula.

Answer 2

took out a loan for 21.900 @12% 297 days borrowed ordinary interest how much will total be

Answer 3

Is that 12% annually?

Answer 4

yes

Answer 5

According to http://university.uog.edu/cals/people/pubs/mgt/econom.pdf, you should be able to get the right amount using the formula you posted but you should remember the number of days in a year.

Answer 6

you have to do both years as the dates were 03/18 and 1/9 which was the 297 days

Answer 7

There are 365 days in a year

Answer 8

thanks rav test is now over i will have to look at that question again

Answer 9

Rav is correct....there are 365 days in a year, not the 360 days that you put in the formula.