$15,632.16 at 10% interest for 10 months and first months interest

Hi, mommasmom!

Are you looking for a direct answer to your question, or for someone to come along to teach you how to come up with the correct answer yourself, please?

If the former is true, please click on the following link to read the announcement there.

https://www.askmehelpdesk.com/financ...-b-u-font.html

Thanks!

Thanks I figured out the answer. I wasn't paying attention to the dates when computing the time of interest. I am a bookkeeping student online so I don't have a class or teach to ask without waiting a week for a answer.

the correct answer was 86.85
15,632.16 x .10 x (20/365)=
price x rate x time
in the question they only wanted the first months interest.
to answer your question anyone giving me the answers wouldn't teach me anything when I have to take test I have to know how to get the answers. So it was just a how question.

First, it is not clear from the information you presented that it's for 20 days. When interest is quoted in months, we generally figure it on a month. (i.e. one month is 1/12)

Also, are you sure you should use 365 for "banker's" interest? The "bank method" is generally referring to the 360 days and 365 would be "real interest."

And you're correct that someone just giving an answer wouldn't help you learn. However, a lot of people do just want answers - they'll even pay to just get answers. (To exams as well.) If you don't say anything, we don't know. If you have done the work, please always post it and someone can check it. Or ask a specific question about what you don't understand. Otherwise we don't know.