You decide to take out a loan for $6,000, at 7% yearly interest on the date October
Question:
You decide to take out a loan for $6,000, at 7% yearly interest on the date October 14. If you repay the loan on December 31st (at the end of the current year)
a) Exact time (days) of loan: __________
b) Using ordinary interest, calculate the interest and total owed.
c) Using exact interest, calculate the interest and total owed.
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a Total number of days of loan 3114 30 31 78 days b Ordinary inte...View the full answer
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