#### jaredvaldez

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Calculate the ordinary interest.

Calculate the exact interest.

Can someone explain and give the answer? I need to know how to do this and the answer. thanks

- Thread starter jaredvaldez
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Calculate the ordinary interest.

Calculate the exact interest.

Can someone explain and give the answer? I need to know how to do this and the answer. thanks

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Study the problem and answer given in:

Calculate the ordinary interest.

Calculate the exact interest.

Can someone explain and give the answer? I need to know how to do this and the answer. thanks

http://www.freemathhelp.com/forum/threads/80340-Please-help-me?highlight=ordinary+interest

Then come back for help.....

Please share your work with us.

You need to read the rules of this forum. Please read the post titled "

http://www.freemathhelp.com/forum/th...217#post322217

We can help - we

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Januarty 5'th - April 16

(Total day's) -

Month 1 - 27 day's - Month 2 - 28 day's - Month 3 31 day's - Month 4 - 16 day's

= 102 Day's total.

102 day's of 9.5% intrest of $10,000 Dollar's =

Montly Rate : 0.79166666666

3 months total = 2.37499999998

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1) You have a note in the amount of $10,000 at 9.5% interest running from January 5, to April 16.

Calculate the ordinary interest.

January 5'th - April 16

(Total day's) -

Month 1 - 27 day's - Month 2 - 28 day's - Month 3 31 day's - Month 4 - 16 day's

= 102 Day's total.

102 day's of 9.5% intrest of $10,000 Dollar's =

Ordinary interest assumes 360 days/year or 30 days/month. This note is for 3 months and 11 days. Divide 9.5 by 12 to get your monthly rate and use the 16/30 ratio to get the interest earned on the 11 days. Add up all 3 months and 11 days worth of interest.

Monthly: 0.79166666666

3 months: 2.37499999998

11 days: 0.53333333333

ordinary interest = 5.54166666664

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ordinary interest

January 5 to April 16 = 101 days.You have a note in the amount of $10,000 at 9.5% interest from January 5, to April 16.

Ordinary interest assumes: 1 year = 360 days.(a) Calculate the ordinary interest.

\(\displaystyle I \;=\;\$10,000 \times 9.5\% \times \frac{101}{360} \:=\:266.527777 \;\approx\;\$266.53\)

Exact interest assumes: 1 year = 365 days.(b) Calculate the exact interest.

\(\displaystyle I \;=\;\$10,000 \times 9.5\% \times \frac{101}{365} \;=\;262.8767123 \;\approx \; \$262.88\)

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Why are you responding to a ~8 year old thread? Make a new thread with your question to generate useful response.@soroban you are absolutely right, I was also searching right formula of interest calculation thank you so much for helping me.

I am also looking for online calculator can anyone help me find a best online calculator?