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Abby borrowed $3,000 at 12 3/4% on Sept. 10. The loan is to be due on Jan. 29. Assuring the loan is based on ordinary interest, how much will Abby pay on Jan. 29?
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3 votes
Abby borrowed $3,000 at 12 3/4% on Sept. 10. The loan is to be due on Jan. 29. Assuring the loan is based on ordinary interest, how much will Abby pay on Jan. 29?

User Julien Vavasseur
by
6.2k points

2 Answers

6 votes
it simply depends on the definition given... some people use 360, others use 365... so it depends on which style your class (or book) uses...
User Jorvis
by
6.3k points
5 votes
your approach is the ideal approach...
the bone of contention here is the value of T...

it simply depends on the definition given... some people use 360, others use 365... so it depends on which style your class (or book) uses...
User Heinzi
by
5.6k points
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