Interest Computations.
| 462.50 | |||
| .48 | |||
| 6 | 360 | ||
| 60 | 222.0000 | 3.70 |
Multiply the principal (amount of money at interest) by the time, reduced to days; then divide this product by the quotient obtained by dividing 360 (the number of days in the interest year) by the per cent. of interest, and the quotient thus obtained will be the required interest. Require the interest of $462.50 for one month and eighteen days at 6 per cent. An interest month is 30 days; one month and 18 days equals 48 days. $462.50 multiplied by .48 gives $222.0000; 360 divided by 6 (the per cent. of interest) gives 60, and $222.0000 divided by 60 will give you the exact interest, which is $3.70. If the rate of interest in the above example were 12 per cent., we would divide the $222.0000 by 30 (because 360 divided by 12 gives 30); if 4 per cent., we would divide by 90; if 8 per cent., by 45; and in like manner for any other per cent.
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