WorkSheet Chapter 6: Simple and compound interest
Calculate interest on a 90-day $5,000 loan at 11%, using (a) a 360-day year and (b) a 365-day year. a. 360-day year: I = PRT = $5,000 × 11% × 90 360 = $137.50 b. 365-day year: I = PRT = $5,000 × 11% × 90 365 = $135.62 Unit 8.1 Computing simple interest and maturity value 155 c Computing simple interest—loans stated in days Example 5 As you can see from Example 5, a … ................
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