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View Full Version : I want to solve a accounts question please help?


satinder1978
Mar 7, 2012, 04:32 AM
A company charging a customer 6percent interest on invoices that are not paid on time receives interest for r 15.65 from a customer whose account was 75 days overdue.what was the outstanding amount?1. R 1070.50. 2.r 1269.39. 3.1540.60. 4.1750.30.

pready
Mar 7, 2012, 07:16 AM
Since the equation to calculate interest is:
Principal * Rate * Time = Interest.

You can rearrange the equation to:
Principal = Interest / Rate * Time

Now all you have to do is plug in your numbers and solve for the Principal, which is the outstanding amount due.