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OpenStudy (anonymous):
Consider a $15,000 loan at an annual simple interest rate of 7.4%. If it is repaid in 30 days, what is the interest due?
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OpenStudy (anonymous):
1 year / 12 months / 360 days = 7.4% 1 month / 30 days = 7.4% / 30 = 0.24666666666% Interest Due = 0.246666666666% Interest Due in Dollars = (0.2466666666 / 100) x 15000 = ? = 37
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