Asked by Tiffany
Exact interest method (365 days) and ordinary interest method (360 days) for $450 loan at 12.9% interest rate 220 days.
Answers
Answered by
Reiny
only difference would be in the time fraction for I = PRT
220/365 in the first case, and 220/360 in the second.
(I assume my Canadian and the US methods are the same)
220/365 in the first case, and 220/360 in the second.
(I assume my Canadian and the US methods are the same)
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