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23 November, 01:15

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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Answers (1)
  1. 23 November, 02:43
    0
    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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