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t= numbers of days

ordinary interest= Pr no. of days/ 360 days

exact interest= Pr no. of days/ 365 days

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Example of ordinary and exact interest?

example of ordinary interest


What is the difference between ordinary interest and exact interest?

So ordinary interest is 30 days collecting or gathering interest on a dollar and exact is collecting or gathering 1 year interest on a dollar.


The formula for ordinary interest using exact time is?

The formula for simple (ordinary) interest on a bank deposit is Deposit Amount x Rate x Time (# of days) on Deposit.


Difference between Exact interest and Ordinary interest?

Interest that is based on a 360-day year instead of a 365-day year. In contrast, exact interest is based on a 365-day year. If large sums of money are involved, the difference can be significant


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Find the ordinary interest on 1800 for two months at the rate of 12 percent?

To calculate the ordinary interest, use the formula: Interest = Principal × Rate × Time. Here, the principal is $1800, the rate is 12% (or 0.12), and the time is 2 months (which is 2/12 years). Thus, the interest is: Interest = $1800 × 0.12 × (2/12) = $36. So, the ordinary interest on $1800 for two months at a 12% rate is $36.


What is the tax rate on earned interest?

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Calculate the amount of interest on a loan of 3200 at 6 percent interest for 60 days using the ordinary interest method?

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Find the ordinary interest on 1 800 for two months at a rate of 12?

To calculate the ordinary interest, use the formula: Interest = Principal × Rate × Time. Here, the principal is $1,800, the rate is 12% (or 0.12), and the time is 2 months (or 2/12 years). Thus, Interest = 1,800 × 0.12 × (2/12) = $36. Therefore, the ordinary interest on $1,800 for two months at a 12% rate is $36.


What made the election of 1828 unique?

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