Abby borrowed $3,000 at 12 3/4% on Sept. 10. The loan is due on Jan. 29. Assuming the loan is based on ordinary interest, how much will Abby pay on Jan. 29?

Name: Abby borrowed $3,000 at 12 3/4% on Sept. 10. The loan is due on Jan. 29. Assuming the loan is based on ordinary interest, how much will Abby pay on Jan. 29?
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Quizplus · Accepted Answer

Days = 20 (Sep)+ 31 (Oct)+ 30 (Nov)+ 31 (Dec)+ 29 (Jan)= 141; 3,000 × .1275 × 141/360 = $149.81; $149.81 + $3,000 = $3,149.81.

Abby Borrowed $3,000 at 12 3/4% on Sept