How do I calculate interest for only part of a year?
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For a simple-interest exercise, multiply principal by the annual rate and the fraction of a year. On $24,000 at 6% for three months, the calculation is $24,000 x 0.06 x 3/12 = $360. That does not calculate a fully amortizing mortgage payment. Read whether the problem asks for simple interest, daily interest, or a scheduled payment.
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Discussion prompt: Are the time units in the rate and the question the same?