The Banker’s rule considers a year to have 360 instead of 365 days. This exercise highlights the advantage the Banker’s rule provides to banks and other lenders. Professor Acks obtains a bank loan to open a Hawaiian Health Food Store. She borrows $25,000 for 180 days and pays a 3% simple interest rate on the loan.

(a) Using the Banker’s rule and t = 180/360, calculate the simple interest Professor Acks pays on this loan. 

(b) Next, calculate the simple interest Professor Acks would pay on this loan if the simple interest were calculated using t = 180/365 instead.

(c) How much more simple interest does the bank receive by using a denominator of 360 rather than 365?$

(d) Determine the percent increase in simple interest the bank receives by using a denominator of 360 rather than 365 by dividing the answer to part (c) by the answer to part (b). Round your answer to the nearest hundredth of a percent.