Contemporary Mathematics for Busin...
Solutions
Contemporary Mathematics for Busin...
Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount of interest for the following loans.
Principal Rate(%) Time(days) Exact Interest Ordinary Interest
| $486,000
|
To calculate: The amount of interest accrued by using the ordinary method and the exact method on a principle amount of
Given Information:
The principle amount of
Formula used:
The formula to compute the simple interest is,
Where, P is the principal amount, I is the amount of interest, R is the rate of interest and T is the time-period.
The ordinary interest for the given loan is;
The exact interest for the given loan is;
Calculation:
As, the principle amount of
For ordinary interest for the given loan is;
Thus,
For exact interest for the given loan is;
Thus,
The amount of interest accrued from the issue of principal at a rate of interest of
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