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    mommasmom's Avatar
    mommasmom Posts: 33, Reputation: 1
    Junior Member
    		  
    #1

    Mar 13, 2010, 12:19 PM
    calculate using bankers interest method
    I'm stuck I need to get interest for the following
    $15,632.16 at 10% interest for 10 months and first months interest
    I know the formula 15,632.16 x .10x (10/12) my numbers keep comen up wrong?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Mar 13, 2010, 05:39 PM

    Bankers method uses a 360 day year instead of the 365 day year.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #3

    Mar 14, 2010, 01:37 AM

    Can you please not double-post stuff as it just confuses things. This has already been addressed over here:
    https://www.askmehelpdesk.com/accoun...st-457439.html

    Granted, it really does belong in homework, but everyone posts homework in the accounting forum anyway so no biggie.

    (I seem to be doing nothing but correcting you tonight, huh?)
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