Pace Co. borrowed $10,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses a 360-day

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Business: Pace Co. borrowed $10,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses a 360-day year. How much interest would Pace have to pay in a 30-day month?

charethafoster · Answer

Explanation:Amount of interest need to paid is 30 day month= 10000×(1.075)×30/360 = 60.42Simple interest formula isInterest for year is = 10000×7.5% = 750Per month is = 750×30/360 = 60.42...

Pace Co. borrowed $10,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses a 360-day year. How much interest would Pace have to pay in a 30-day month?

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