Asked by annissa official on May 25, 2024
Verified
Jorge Garcia was to lend $5,250 to his cousin at 3% ordinary simple interest for 240 days. If the cousin repays everything as agreed upon, what total will Jorge receive? (Use a 360-day year.)
Ordinary Simple Interest
Interest calculation method using a fixed annual rate, based on the principal amount and the time invested or borrowed.
360-Day Year
A simplified accounting method where the year is assumed to have only 360 days for the purpose of interest calculations.
- Gain proficiency in the method of rounding off numbers to the nearest cent for monetary calculations.
- Acquire knowledge on the subjects of simple interest and compound interest.
- Exploit mathematical expertise to work out both conventional and accurate interest.
Verified Answer
MH
Learning Objectives
- Gain proficiency in the method of rounding off numbers to the nearest cent for monetary calculations.
- Acquire knowledge on the subjects of simple interest and compound interest.
- Exploit mathematical expertise to work out both conventional and accurate interest.
Related questions
Cortez Sheet Metal Borrowed $12,250 to Make Its Quarterly Payroll ...
Compute the Exact Interest (365-Day Year) and the Total Amount ...
Compute the Exact Interest (365-Day Year) and the Total Amount ...
Compute the Ordinary Interest (360-Day Year) and the Total Amount ...
In Each Problem, (1) Compute the Actual Exact Interest (365-Day ...