Asked by victoria mendoza on May 07, 2024
Verified
Compute the ordinary interest (360-day year) and the total amount of the loan in the following problems. Round answers to the nearest cent.
360-Day Year
This is a simplified method used in some financial calculations where the year is assumed to have 360 days for ease of interest computation.
Total Amount
The complete sum or quantity of something, encompassing all components or elements.
- Become proficient in the theories of simple interest and compound interest.
- Implement mathematical tactics to ascertain both simple and exact interest.
- Enhance your competency in rounding numbers to an exact cent for financial assessments.
Verified Answer
EO
Learning Objectives
- Become proficient in the theories of simple interest and compound interest.
- Implement mathematical tactics to ascertain both simple and exact interest.
- Enhance your competency in rounding numbers to an exact cent for financial assessments.
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