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I want to solve a accounts question please help?
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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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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