suppose you take out a loan for $5,000, at 6% ordinary interest. if the amount of interest is $91.67, what is the time period? (round to next higher day)

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15-11-2022
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suppose you take out a loan for $5,000, at 6% ordinary interest. if the amount of interest is $91.67, what is the time period? (round to next higher day)

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akankshasharma92 akankshasharma92 · Answer 1 · 2022-11-18T13:57:54+01:00

The total interest amount of $91.67 is the total interest accumulated within 110 days.

Ordinary interest rate is calculated based on 360 day year or 30 day month.

Assuming 6% is the annual interest rate. Then,

$5000 * 6% = 300 / 360 = 0.833 daily interest

$91.67 / 0.833 = 110.04 or 110 days.

The total interest amount of $91.67 is the total interest accumulated within 110 days.

Interest is the fee paid for having access to borrowed funds. While the interest rate used to compute interest is often reported as an annual percentage rate, interest expense or revenue is sometimes expressed as a dollar figure (APR). The compensation a lender or financial organization receives for giving out money is called interest. The percentage of a stockholder's ownership in a corporation that is also referred to as interest.

To know more about interest refer:

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