Finding the ordinary and the exact interest does not seem to be a. lot of difference for the same loam. For example, to find the ordinary and exact interest rate on a loan of $1000 with rate of 5 % and the date of the loan is starts March 15 and is due May 15th.

Ordinary

loan $1000(0.05)61/360 I= 3050/360 = $ 8.47

The same figures apply to exact, interest except the number of days is equal to 365

Exact

I $1000(0.05)61/365

I= 3050/360 = $8.35

Please tell me if I am on the right track.