What is the formula to calculate interest on accounts receivable at 1.5% monthly the beginning balance is 20191.64
What is the formula to calculate interest on accounts receivable at 1.5% monthly the beginning balance is 20191.64
Sounds like a homework question...
% X balance.
Interest is equal to Principle times Rate times Time. You have your principle and rate, which is the monthly rate, so your time will be 1/12 for one month out of 12 months in a year. For more than one month just take your monthly interest times the number of months, assuming your principle stays the same.
All times are GMT -7. The time now is 11:05 AM. |