What is the difference between the exact simple interest and the ordinary simple interest on a 200-day loan of 5,000 at 12%
1 answer:
Answer:
4.56
Step-by-step explanation:
"Ordinary" interest will be more than "exact" interest because the number of days in a year is a smaller value. The difference will be ...
Io = Prt = 5000(0.12)(200/360) = 333.33
Ie = Prt = 5000(0.12)(200/365) = 328.77
The difference is ...
333.33 -328.77 = 4.56 . . . the difference in interest values
_____
<em>Additional comment</em>
The question asks for the difference between exact and ordinary interest, so the result is technically negative:
328.77 -333.33 = -4.56
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