What is the total interest cost if...
Principle is $10,000
Rate is 8%
Time is 240 days in a 360 day year
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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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