Question
Suzie is ready to make her first payment to Ricky. She is planning on paying $4000 plus her accrued interest. Using the formula Principal X Interest X 30/365, what would Suzie's total first payment be? Interest is 15%
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Answer to a math question Suzie is ready to make her first payment to Ricky. She is planning on paying $4000 plus her accrued interest. Using the formula Principal X Interest X 30/365, what would Suzie's total first payment be? Interest is 15%
Corbin
4.6104 Answers
To calculate Suzie's total first payment, we need to calculate the accrued interest first and then add it to the principal.
The formula for calculating accrued interest is:
Accrued Interest = Principal × Interest Rate × Time in days / 365
Given:
Principal = $4000
Interest Rate = 15%
Time = 30 days (assuming it's the interest for 30 days)
Let's calculate the accrued interest first:
Accrued Interest = $4000 × 0.15 × 30 / 365
Accrued Interest ≈ $49.32
Now, Suzie's total first payment would be the principal plus the accrued interest:
Total First Payment = Principal + Accrued Interest
Total First Payment = $4000 + $49.32
Total First Payment ≈ $4049.32
So, Suzie's total first payment would be approximately $4049.32.
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