What is the interest on $80,000 at 4.5 % per annum for nine months and fifteen days using a bankers calendar (360 days)?
Please take your time. The solution is posted below the wildlife photo.
Let's multiply the interest rate times the loan amount, 80,000 times 4.5% (.045) and we see that the annual interest on the loan is $3600.
Since we're using a bankers year, 360 days, divide 3600 by 360 to see that the interest is 10 dollars a day.
Each month in a bankers calendar is 30 days, so multiply 30 time 9 to get 270, and add the extra 15 days to gat the total number of days in which interest is to be applied, 285, and multiply that number times 10 dollars a day.
10 times 285 equals $2850 interest.
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