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Got a math question fer ya

bpostbpost Member Posts: 32,200 ✭✭✭✭
edited July 2008 in General Discussion
If someone owed you $3,000.00 for five months at 8 percent interest how much would they have to pay you in interest?

Comments

  • kristovkristov Member Posts: 6,633
    edited November -1
    $97.60...Give or take a penny.
  • cbxjeffcbxjeff Member Posts: 16,574 ✭✭✭✭
    edited November -1
    Assuming your simple interest rate is 8% per year (not dealing on a daily basis), after 5 months he would owe you $100.00 in interest. Naturally, he better put up the other $3K or his interest will continue.
    It's too late for me, save yourself.
  • SperrySperry Member Posts: 5,006 ✭✭✭
    edited November -1
    Simple interest, very simple, at 8%, is .667% [of the principle] per month.

    $3000 x .00667 = $20 a month.

    Next time charge 12%. The math is easier. [1% of principle due per month].
  • Hunter MagHunter Mag Member Posts: 6,612 ✭✭✭
    edited November -1
    Before I clicked on the thread I thought bpost wanted to know what 2+2 was.[:D]
    I was close though 8% of 3k isn't hard to figure without a calculator.[8D]
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