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.
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.