Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan.
Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan. (Round your answers to two decimal places.)
a.
Principal | Rate (%) | Time (days) | Exact Interest | Ordinary Interest |
---|---|---|---|---|
$185,500 | 5.75 | 54 | $ | $ |
b.
Principal | Rate (%) | Time (days) | Exact Interest | Ordinary Interest |
---|---|---|---|---|
$7,290 | 7 | 17 | $ | $ |
c.
Principal | Rate (%) | Time (days) | Exact Interest | Ordinary Interest |
---|---|---|---|---|
$10,000 | 10 | 1 | $ | $ |
d.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started