selfpatricia selfpatricia

02-03-2017
Business

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A $40,000 loan at 4% dated June 10 is due to be paid on October 11. The amount of interest is (assume ordinary interest

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dileepkumarnunna dileepkumarnunna

02-03-2017

interest=(P*T*R)/100
= (40000*0.33*4)/100
= $528

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Geophilip Geophilip

27-02-2020

Answer:

$1,600

Explanation:

Since the borrower is to pay 4% of the money by October 11(Due time)

4% of the principal is simply

(4/100)* 40,000 = $1,600

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