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OpenStudy (anonymous):
Maggie Jay owns her own car. Her June monthly interest was $250. The rate is 13 1/2 percent. Jay's principal balance at the beginning of June is: (Use 360 days)
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OpenStudy (anonymous):
I/R × T = P Interest is 250 / .135 × 30/360 (Note you must calculate what R × T first, DO NOT ROUND THE ANSWER) .135 × 30/360 = .01125 then divide I by .01125. 250/.01125 = $22,222.22
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