Exact interest method (365 days) and ordinary interest method (360 days) for $450 loan at 12.9% interest rate 220 days.

Question

Exact interest method (365 days) and ordinary interest method (360 days) for $450 loan at  12.9% interest rate 220 days.

Reiny · Answer

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)