CameraCrazy
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- Sep 3, 2011
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Hi, I need help with something for school.
How do you calculate the interest portion if only payment amount and interest rate is known. So for example, if you made a 5,000,000 payment in March that includes 5% interest, how do you figure out what the interest portion of this 5 million payment was?
Also, if this payment was made on March 27th, how do you prorate this for the month?
Thanks in advance for the help!
How do you calculate the interest portion if only payment amount and interest rate is known. So for example, if you made a 5,000,000 payment in March that includes 5% interest, how do you figure out what the interest portion of this 5 million payment was?
Also, if this payment was made on March 27th, how do you prorate this for the month?
Thanks in advance for the help!