Results 1 to 2 of 2

Math Help - Calculating Accrued Interest

  1. #1
    Junior Member
    Joined
    Nov 2009
    Posts
    27

    Calculating Accrued Interest

    Hi,

    I need to show my working for the interest accrued of 14,136.99 on the below account statement for November.

    I have tried many ways but i can't figure out how the amount is derived. I have tried several methods i.e. compound interest, working out individual days, but seem to have have no luck.

    Any happy is much appreciated:
    Attached Thumbnails Attached Thumbnails Calculating Accrued Interest-interest.jpg  
    Follow Math Help Forum on Facebook and Google+

  2. #2
    MHF Contributor
    Joined
    Dec 2007
    From
    Ottawa, Canada
    Posts
    3,110
    Thanks
    68

    Re: Calculating Accrued Interest

    The average owing daily:
    (1*20100000 + 15*24800000 + 8*22400000 + 4*13800000 + 1*11000000 + 1*7500000) / 30 = 21500000

    21500000 * .008/365*30 = 14136.9863
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. [SOLVED] Calculating Equivalent GIC (simple interest)
    Posted in the Business Math Forum
    Replies: 13
    Last Post: November 25th 2012, 03:56 PM
  2. calculating interest compounded daily
    Posted in the Business Math Forum
    Replies: 1
    Last Post: October 24th 2010, 11:05 AM
  3. Help in calculating interest rate.
    Posted in the Business Math Forum
    Replies: 13
    Last Post: July 26th 2010, 10:33 AM
  4. Calculating Interest
    Posted in the Pre-Calculus Forum
    Replies: 2
    Last Post: September 29th 2009, 02:59 PM
  5. calculating interest
    Posted in the Business Math Forum
    Replies: 1
    Last Post: February 18th 2007, 10:21 AM

Search Tags


/mathhelpforum @mathhelpforum