Asked by Sonia Nelson on Jul 02, 2024

Walter Fong borrowed $1,175 at 8% ordinary simple interest for 180 days. Compute the total amount that Walter will have to pay on the due date. (Use a 360-day year.)

Ordinary Simple Interest

Interest calculated only on the principal amount, not on the interest that accrues over time.

360-Day Year

An artificial accounting period used in finance that simplifies the calculation of interest by assuming each month has 30 days, resulting in a calendar year of 360 days.

Gain an understanding of the fundamentals of simple and compound interest.
Use math skills for computing both common and exact interest amounts.
Develop the ability to round numbers to the nearest cent as part of financial analysis.

Learning Objectives

Gain an understanding of the fundamentals of simple and compound interest.
Use math skills for computing both common and exact interest amounts.
Develop the ability to round numbers to the nearest cent as part of financial analysis.

Walter Fong borrowed $1,175 at 8% ordinary simple interest for 180 days. Compute the total amount that Walter will have to pay on the due date. (Use a 360-day year.)

Definitions

Learning Objectives

Learning Objectives

Related questions

Walter Fong borrowed $1,175 at 8% ordinary simple interest for 180 days. Compute the total amount that Walter will have to pay on the due date. (Use a 360-day year.)​

Definitions

Learning Objectives

Learning Objectives

Related questions

Walter Fong borrowed $1,175 at 8% ordinary simple interest for 180 days. Compute the total amount that Walter will have to pay on the due date. (Use a 360-day year.)