Asked by Nguyen Danny on May 09, 2024
Verified
Compute the ordinary interest (360-day year) and the total amount of the loan in the following problems. Round answers to the nearest cent.
Ordinary Interest
A method for calculating interest based on a 360-day year.
360-Day Year
A 360-day year is an accounting practice that treats each month as having 30 days, simplifying interest calculations in the financial industry.
Total Amount
The aggregate sum resulting from the addition of numbers, amounts, objects, etc.
- Apply mathematical skills to compute both ordinary and exact interest.
- Master the skill of rounding numbers to the nearest cent in financial calculations.
- Calculate the total amount of a loan including the principal and interest.
Verified Answer
Q?
Learning Objectives
- Apply mathematical skills to compute both ordinary and exact interest.
- Master the skill of rounding numbers to the nearest cent in financial calculations.
- Calculate the total amount of a loan including the principal and interest.
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