Answer:
Interest (I) = $18
Step-by-step explanation:
$15,000 by the end of grace period
$2,500 payment was made by the 3rd day
$15,000/$2500=6
6×3=18
I = PRT/100
I = (15,000 × 20% × 18 days)/100
I = {15,000 × 0.2 × (18/30)}/ 100
I= {15,000 × 0.2 × 0.6}/ 100}
I= {1800}/ 100}
I= {18}/ 1}
Interest (I) = $18
