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.
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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.
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.
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