[kpolenz]

I don't want the answer just the how too, using bankers /accrued
how to calculate the interest for 1 month on 15632.16 at 10%
I was trying this but didn't get the right answer so where am I going wrong

$15632.16 * 10% = 15632* 10 months = 156320 total
then work out the first months interest rate

[hkstroud]

$15632.16 * 10 per cent is
$15632.16 * .10 = 1563.22

That is the annual or yearly interest.
You have to watch those decimal points.

Now you have to figure out how many months there are in a year.

You then divide the annual interest by the number of months in the year to get the interest for one month.

[pready]

The formula to find interest is: Principal * Rate * Times = Interest (this is the annual rate).

Simply take your amount of $15,632.16 times your interest rate of 10% times the length of time of 1 month divided by 12 months. This gets your annual interest amount to the number of months that interest was incurred.


Since you said bankers rate in your question you have to take your amount times your interest rate times 360 days to get your daily rate times the numbers of days that interest was incurred to get your answer.