Asked by Shayla Truong on May 22, 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
Interest calculated on the basis of a 360-day year, which is commonly used in calculating interest for loans, mortgages, and bonds.
360-Day Year
An accounting method that simplifies interest calculation by assuming all months have 30 days, resulting in a 360-day year.
Total Amount
The complete sum or quantity of something.
- Develop an insight into the workings of simple interest and compound interest.
- Execute mathematical operations to compute both basic and exact interest.
- Advance your ability in the precision rounding of numbers to the nearest cent for economic tasks.
Verified Answer
BG
Learning Objectives
- Develop an insight into the workings of simple interest and compound interest.
- Execute mathematical operations to compute both basic and exact interest.
- Advance your ability in the precision rounding of numbers to the nearest cent for economic tasks.
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