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vredina [299]
4 years ago
10

Rule that allows financial institutions to calculate simple interest using 360 days in a year is called

Mathematics
2 answers:
Blababa [14]4 years ago
7 0
<span>The correct answer is: Banker's rule

Explanation:
According to Banker's rule, we take EXACT number of days to find the simple interest. For example, let's say we have the principle amount $100 with 5% interest rate, we use the following formula to find the simple interest using Banker's rule:

SI = P * I * (t/360)

Where SI = Simple interest
P = Principle amount = $100
t = Exact days = 360 (in this case)
I = interest = 5% = 0.05

SI = $5 (after plugging in the values)


Hence total amount = $100 + $5 = $105 (after 360 days)

The correct answer is Banker's rule!</span>
raketka [301]4 years ago
7 0

Answer:

The answer is bankers rule.

Step-by-step explanation:

Rule that allows financial institutions to calculate simple interest using 360 days in a year is called the BANKER'S RULE.

A bankers year consists of 360 days. This rule helps in calculating interest on a loan amount and this is based on interest and exact time which yields a higher amount of interest.

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soldier1979 [14.2K]
Hello! I believe she would have 58,000 at the end of her fourth year. Hope this helps. :)
6 0
4 years ago
Read 2 more answers
1. Alice invests $1000 at 2% interest compounded monthly over a 5 year period. Assuming no other money is deposited or withdrawn
eduard

Answer:

$1,105.08.

Step-by-step explanation:

Given that Alice invests $ 1000 at 2% interest compounded monthly over a 5 year period, assuming no other money is deposited or withdrawn, to determine what is the total amount of money in her account after 5 years, the following calculation must be performed:

X = 1,000 (1 + 0.02 / 12) ^ 5x12

X = 1,105.08

Thus, the amount of money in her account after 5 years would be $ 1,105.08.

6 0
3 years ago
Lee is staying at a hotel. The cost of the first night is $240. The cost for each night after that is $210. Let y represent the
GenaCL600 [577]

A) The situation represents an arithmetic sequence because the successive y-values have a common difference of 210.

F(1) = 240 +210

F(2) = 240 +2(210)

F(3) = 240+3(210)

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F(x)= 240 +210x.

Learn more about Sequence:

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3 0
2 years ago
Use this graph of velocity vs. time for two objects to answer the question.
Lynna [10]

Using derivatives, it is found that the correct option is:

A. Object C has an acceleration that is greater than the acceleration for D.

The acceleration is the <u>derivative of the velocity</u>, given by change in velocity divided by change in time, that is:

a = \frac{\Delta_v}{\Delta_t}

In this problem:

  • The change in time for objects C and T is the same.
  • The <u>change in velocity for object C is greater</u>, thus, it has a greater acceleration, and the correct option is:

A. Object C has an acceleration that is greater than the acceleration for D.

A similar problem is given at brainly.com/question/14516604

6 0
3 years ago
Read 2 more answers
What is the slope of y = 4 -2x?
erastovalidia [21]

Answer:

<h2>- 2</h2>

Step-by-step explanation:

The slope-intercept form of an equation of a line:

y=mx+b

m - slope

b - y-intercept

We have

y=4-2x=-2x+4

Therefore the slope is equal to -2.

8 0
3 years ago
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