What is the ordinary simple interest rate using exact time if 9,000 pesos is invested at 8% from February 20 to April 15 of the same year
a. 110
b. 120
c. 130
d. 210
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What is the ordinary simple interest rate using exact time if 9,000 pesos is invested at 8% from February 20 to April 15 of the same year
a. 110
b. 120
c. 130
d. 210
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Answer:
I = (9,000)(0.08)()
= 108
Step-by-step explanation:
Feb. 28 - 20 = 8
March = 31
April = 15
total : 54
54 over 360 if we are going to use banker's rule but if exact we are going to use 54 over 365 = 106.52