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computing simple interest in days?or month?

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ashertel_23 Joined: 26 Aug 2010 Posts: 1 1.00 Dollars($)	Posted: Thu Aug 26, 2010 6:35 pm    Post subject: computing simple interest in days?or month? Like 0 Dislike 0 how can i compute the simple interest for a months?and days? for example.P=$1200 rate=12.4% for 60 days
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Aug 26, 2010 8:09 pm    Post subject: Like 0 Dislike 0 You multiply the loan amount by the interest rate, divide by the number of days in the year and then multiply that final answer by the number of days that have elapsed between payment dates. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
ashertel_23@yahoo.com Guest	Posted: Mon Sep 06, 2010 8:10 pm    Post subject: thank you Like 0 Dislike 0 like this sir? =1200 x 0.124/360 x 60 =148.80/360 x 60 =0.4133333 x 60 =24.79 or 24.80 is the interest? thank you for this info sir...have a nice day!
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Sep 09, 2010 10:34 am    Post subject: Like 0 Dislike 0 Yes, that's about it (only looking at it and not doing calculations here). You might be off by a couple of cents here and there, but not to worry, as rounding off numbers always has a slight impact; though not so much on a small amount such as $1200. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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