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
__________________________________________________________________________
$45,000 13 100 $1,602.74 $1,625.00
__________ _________
To calculate: The comparison between exact interest and the ordinary interest for the loan of
Given Information:
The loan of
Formula Used:
The simple interest formula is
For exact interest,
For ordinary interest,
Calculation:
Consider the data provided as the loan of
Then the Interest can be calculated in the following manner,
The time period for exact interest is,
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