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7 November, 13:41

A loan for $2,000 with a simple annual interest rate of 18 % was made on September 26 and was due on November 17. Find the ordinary interest.

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  1. 7 November, 17:27
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    The number of days between September 26 and November 17 is 52. The annual rate is for 365 days so 52 days is 18*52/365=2.56% approx=0.0256. Apply this to $2000 and we get $51.20 interest.
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