Chapter 10, Problem 5CR

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

The interest calculation method that uses 360 days as the time factor denominator is known as _______ interest. (10-2)

To determine

**To fill:** The blank given in the statement “The interest calculation method that uses

Explanation

Ordinary interest refers to the interest that is calculated by taking

The formula to compute the interest is

Consider an example:

The principal amount of loan is

Compute the ordinary interest,

Evaluate the time as

Substitute

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