At the City National Credit Union, a 9%, $7,000 loan for 170 days had interest charges of $293.42. What type of interest did City National use, ordinary or exact? exact O ordinary
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Given, the union charges an interest of for a loan of interest for days
Let N be the number of days in a year.
Exact interest uses the number of a days in a year as where as ordinary interest uses the number of days in a year as
as the denominator of the factor in the simple interest formula
The simple interest formula is slated as
where is the interest , is the principal , is the rate of interest and is the time factor.
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