Hi! Need help for Ordinary and exact interest

[Degz]

Hi!

I need help for the following;

PROBLEM:
Find the Ordinary Interest and the Amount and the Exact Interest
and the Amount at 8% on P 8,765.00 pesos at the end of 120 days.

Sor far I was able to get the simple interest

A = $8,998.73

(I = A - P = $233.73)

Equation:
A = P(1 + rt)

Calculation:
First, converting R percent to r a decimal
r = R/100 = 8%/100 = 0.08 per year.

Putting time into years for simplicity,
120 days / 360 days/year = 0.333333 years.


I don't know how to get the ordinary and exact interest?

thank you.

 

[tkhunny]

Hi!

I need help for the following;

PROBLEM:
Find the Ordinary Interest and the Amount and the Exact Interest
and the Amount at 8% on P 8,765.00 pesos at the end of 120 days.

Sor far I was able to get the simple interest

A = $8,998.73

(I = A - P = $233.73)

Equation:
A = P(1 + rt)

Calculation:
First, converting R percent to r a decimal
r = R/100 = 8%/100 = 0.08 per year.

Putting time into years for simplicity,
120 days / 360 days/year = 0.333333 years.


I don't know how to get the ordinary and exact interest?

thank you.

If you used a 360-day year, you already did the Ordinary Interest.

 

[jonah2.0]

Beer soaked query follows.

Hi!

I need help for the following;

PROBLEM:
Find the Ordinary Interest and the Amount and the Exact Interest
and the Amount at 8% on P 8,765.00 pesos at the end of 120 days.

Sor far I was able to get the simple interest

A = $8,998.73

(I = A - P = $233.73)

Equation:
A = P(1 + rt)

Calculation:
First, converting R percent to r a decimal
r = R/100 = 8%/100 = 0.08 per year.

Putting time into years for simplicity,
120 days / 360 days/year = 0.333333 years.


I don't know how to get the ordinary and exact interest?

thank you.

What did your book say?