By Deb Russell

Let's say you want to borrow $6300.00 from March 15th, 2004 until January 20th 2005 at a rate of 8%. The formula will still be I = Prt, however, you need to calculate the days. To do so, you will not count the day the money is borrowed or the day the money is returned. Let's figure out the days: March = 16, April = 30, May = 31, June = 30, July = 31, August = 31, September = 30, October = 31, November = 30, December = 31, January = 19. Therefore the time is 310/365. A total of 310 days out of 365. This is entered into the t for the formula.

Previous

- Calculating Interest: Principal, Rate and Time are Known
- Calculating Interest Earned when Principal, Rate and Time are Known
- Calculating Interest When the Time is Given in Days
- What's the Interest on $890.00 at 12.5% for 261 Days?
- Find the Principal When you Know the Interest, Rate, and Time
- What Sum of Money Can you Invest for 300 Days at 5.5% to Earn $93.80?
- What Annual Rate of Interest Is Needed for $2100.00 to earn $122.50 in 14 Mths?

Explore Mathematics

- About.com
- Education
- Mathematics
- Math Help and Tutorials
- Business Math
- Calculating Interest