At maturity, the U.S. Rule, the interest calculated from the last partial payment is

Question

asked Jul 5, 2024 212k views

1 Answer

Tamir Vered · Answer 1 · 2024-07-10T18:11:05+0000

Answer: Ordinary Interest Method (360 Days)

Calculating Simple Interest using 360 days per year in time.

Time = Exact Number of Days

360

Since banks commonly use the ordinary interest method, it is known as the bankers rule.

Explanation: