My Math Forum I need to know if interest charged is more than 10%pa.

 Economics Economics Forum - Financial Mathematics, Econometrics, Operations Research, Mathematical Finance, Computational Finance

 March 16th, 2015, 01:50 PM #1 Newbie   Joined: Mar 2015 From: los angeles Posts: 12 Thanks: 0 I need to know if interest charged is more than 10%pa. Beginning in February. If the first bill in August is for \$64.37, and the second bill in December is for \$93.02, what rate is interest accruing at if the principal is \$1660.26? p.s. the bill is the interest charged. Last edited by skipjack; March 18th, 2015 at 09:36 PM. March 18th, 2015, 08:40 PM #2 Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,321 Thanks: 1023 Quote:  Originally Posted by bitencrypt Beginning in February. If the first bill in August is for \$64.37, and the second bill in December is for \$93.02, what rate is interest accruing at if the principal is \$1660.26? p.s. the bill is the interest charged.
[(93.02 - 64.37) / 4 * 12] / 1660.26 = .051769...
So rate slightly above 5%.

Last edited by skipjack; March 18th, 2015 at 09:37 PM.

 Tags 10%pa, charged, interest

 Thread Tools Display Modes Linear Mode

 Similar Threads Thread Thread Starter Forum Replies Last Post bitencrypt Economics 0 March 16th, 2015 10:41 AM grace25 Elementary Math 12 January 24th, 2013 08:46 PM Qwertyqwerty Elementary Math 2 September 20th, 2011 10:41 PM douglasrac Economics 0 February 17th, 2011 09:14 AM kfarnan Algebra 3 February 13th, 2011 03:30 PM

 Contact - Home - Forums - Cryptocurrency Forum - Top