Interest: formula for exact interest rather than ordinary

How would the formula for calculating time in days (given principal, interest, and rate) change if exact interest is used in contrast to ordinary interest?

sejal1331 said:

How would the formula for calculating time in days (given principal, interest, and rate) change if exact interest is used in contrast to ordinary interest?

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What formula are you using? What are the definitions of "exact" and "ordinary" interest? Reviewing these, what are your thoughts?

Please be complete. Thank you!

Eliz.

sejal1331 said:

How would the formula for calculating time in days (given principal, interest, and rate) change if exact interest is used in contrast to ordinary interest?

Click to expand...

Your text book should provide specific definitions. Please read them and repeat them here. Once everyone agrees on the definitions, let's see your work and we'll be gald to point you in the right direction, should you wander off.