Barbara D’Angelo’s bank granted her a single-payment loan of $1,000 for 100 days at 12% ordinary interest. What is the amount of ordinary interest owed?
The formula is I=prt I interest owed? P principle 1000 R interest rate 0.12 T time 100days/360days 360 days in a year which ordinary interest means I=1,000×0.12×(100÷360) I=33.33. ..Answer
