Question

Principal = 2,550 Rate 10.5% Time=58days
Find the exact interest and Ordinary Interest

Answer 1

(a) $ 42.55

(b) $ 43.14

Explanation:

I = PRT

(a) I= 2,550 * 0.105 * 58/365 = $ 42.55 ( rounded )

(b) I= 2550 * 0,105 * 58/360 = $ 43.14 ( rounded )