4 years ago

A deposit of $7,000 at 8.5% for 120 days.=

1 answer:

4 0

Hi there :-)

I=prt
I interest earned
P principle 7000
R interest rate 0.085
T time 120/ (360) for ordinary interest or 365 for exact interest

For ordinary interest
I=7,000×0.085×(120÷360)
I=198.33

For exact interest
I=7,000×0.085×(120÷365)
I=195.62

Hope it helps

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