Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan. (Round your answers to two decimal places.) Principal Rate (%) Time (days) Exact Interest Ordinary Interest $7,290 7 17 $ $
Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan. (Round your answers to two decimal places.) Principal Rate (%) Time (days) Exact Interest Ordinary Interest $7,290 7 17 $ $
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 5FPE
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Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan. (Round your answers to two decimal places.)
Principal | Rate (%) | Time (days) | Exact Interest | Ordinary Interest |
---|---|---|---|---|
$7,290 | 7 | 17 | $ | $ |
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