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Bank A charges ordinary interest, while bank B charges exact interest. Susan Carsten wants to borrow $11,000 for 90 days at 9%. Calculate the cost of interest at each bank. Nhich bank offers a better deal?
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Bank A charges ordinary interest, while bank B charges exact interest. Susan

Carsten wants to borrow $11,000 for 90 days at 9%.
Calculate the cost of interest at each bank.
Nhich bank offers a better deal?

User Mahmud Alam
by
8.2k points

1 Answer

5 votes

Answer:

1. Bank A= 11000*9%= 990, Bank B= 11000*9%*(90/365)= 244.11

Explanation:

User Idej
by
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