What is the Total Interest Cost

Accounting
Tutor: None Selected Time limit: 1 Day

What is the total interest cost if...

Principle is $10,000

Rate is 8%

Time is 240 days in a 360 day year

Jun 3rd, 2015

Thank you for the opportunity to help you with your question!

SI = (P*R*T)/100

Rate = 8%

Time = 240/360 = 2/3 year

SI = 10,000 x 8/100 x 2/3

= $ 533.30

Is the rate monthly or yearly?


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Jun 3rd, 2015

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