Principal amount is $57,310.38; interest is 3% per annum, length of time is
195 days with 1 payment at the end of the 195 days. I'm clueless as to which
formula to use and what #'s to plug in. Hope someone can help.

Is this compounded daily, or is it compounded once at the end of the 195 days
(in which case wouldn't technically be compounded)? By "1 payment" I assume
you mean the entire pricipal is to be paid back after 195 days. I'll assume
compounded daily and entire principal paid @ t=195 days:

Amount paid Back = 57,310.37 * (1+ .03/365)^195 = $58,236.27
Resulting in $925.90 in interest paid (58,236.27-57,310.37)

Does that help?
--
Regards,
Dave


"ROL" wrote:

Principal amount is $57,310.38; interest is 3% per annum, length of time is
195 days with 1 payment at the end of the 195 days. I'm clueless as to which
formula to use and what #'s to plug in. Hope someone can help.