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    petercei's Avatar
    petercei Posts: 1, Reputation: 1
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    #1

    May 19, 2014, 04:03 PM
    Calculate the interest on a 90-day, 9% note for 36000
    Use a 360-day year to compute interest
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #2

    May 19, 2014, 04:25 PM
    Since this is homework... what did you get for an answer and how did you go about it.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #3

    May 19, 2014, 04:41 PM
    there is a disconnect here, that is basic mathematics; let me see, 9%; that's 0.09 or 9/100, and then 90 days; that's 0.25 of a year or if you want to be more precise 90/365, so you string it all together and throw in 36000, and if you don't get it at this point don't study accounting because it only gets harder from here
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