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08-03-2020
Mathematics

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Jon Metcalf borrowed $7,700 for a 253-day loan at a 10.75% interest rate
Find the exact interest
Find the ordinary interest

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amna04352 amna04352

08-03-2020

Answer:

Exact: $574 (3 sf)

Ordinary: $582 (3 sf)

Step-by-step explanation:

Exact:

253/365 × 7700 × 10.75/100

= $573.7554795

= $574 (3 sf)

Ordinary:

253/360 × 7700 × 10.75/100

= $581.7243056

= $582 (3 sf)

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