Final answer:
To find the interest on the loan using the Banker's Rule, we can use the formula: Interest = Principal × Rate × Time. Given the values of P = $200, R = 8.4%, and T = 105 days, we can substitute these values into the formula to find the interest.
Step-by-step explanation:
To find the interest on the loan using the Banker's Rule, we can use the formula:
Interest = Principal × Rate × Time
Given that P = $200, R = 8.4%, and T = 105 days, we can substitute these values into the formula to find the interest:
Interest = $200 × 0.084 × (105/365)
Calculating this, we find that the interest on the loan using the Banker's Rule is approximately $4.88.