Asked by PATRIS
Customer borrowers $2,200 loan at 7% interest for 100 days. Use the Banker's rule. Compare to the amount using a 365- day year
Answers
Answered by
Henry
P = Po + Po*r*t = 2200 + 2200*(0.07/360)*100 =
P = 2200 + 2200*(0.07/365)*100 =
P = 2200 + 2200*(0.07/365)*100 =
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