14,999(1+.o825)^4= 20,595. $429x48 months= 20,592
Interest rate 8 1/4%
Check 20592/14999= 1.37289
Log(1.37289)/ log(1.0825)= 3.99 years
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2 Remainder 2 because 14 divided by 6 is 2 remainder 2
Convert the percentage into a number then divide it by the income.
We need to compute the exact number of days of the loan.
Given:
Loan: 1,870
rate: 11%
term: Oct. 5 to Jan 16.
Oct 5-Oct 31: 26 days
Nov: 30 days
Dec: 31 days
Jan 16: 16 days.
total number of days: 103 days.
Interest = Principal * rate * term
Interest = 1870 * 0.11 * 103/365
Interest = 58.05
Given:
Promissory note $5,380
rate 6.2%
term: July 15 to Dec. 28
July 15 - 31 = 16 days
August: 31 days
September: 30 days
October: 31 days:
November: 30 days
December: 28 days
Total number of days is 166 days
Interest = Principal * rate * term
Interest = 5,380 * 0.062 * 166/365
Interest = 151.70
