4000 x 11 4/9% x 140/360

Question

On September 10 Jennifer Rick went to Park Bank to borrow $4000 at 11 4/9% interest.  Jennifer plans to repay the loan on January 28.  Assume the loan is on ordinary interest.

What interest will Jennifer owe on January 28?  (use 360 days a year.  Do not round intermediate calculations.  Round answer to 2 decimal places.

Answer 1

1. wen me look at dates...20 Sep 2012 tu 28 Jan 2013=130 daes, not 140

11 & 4/9=11.4444 % or 0.114444

borro=4000$

interest=4000*0.114444*140/360

=457.7776*0.38888888

=178.02$