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What gains more interest an ordinary annuity or an annuity due?
ordinary annuity
Is ordinary interest required by all banks?
yes
Is Ordinary interest is required by all banks?
True
What is the tax rate on earned interest?
considered ordinary income
Calculate the amount of interest on a loan of 3200 at 6 percent interest for 60 days using the ordinary interest method?
32
How much is the ordinary interest on 600.00 at 6 percent for 45 days?
Depends on the principal!
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.
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.
Example of ordinary and exact interest?
example of ordinary interest
What is the formula of ordinary interest?
The formula for ordinary interest, which calculates interest based on a 360-day year, is given by: [ I = P \times r \times t ] where ( I ) is the interest, ( P ) is the principal amount (the initial sum of money), ( r ) is the annual interest rate (expressed as a decimal), and ( t ) is the time in years. This formula assumes that interest is calculated on the basis of a 360-day year, typically used in banking and finance.
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.
What is the exact and ordinary interest computation?
t= numbers of days ordinary interest= Pr no. of days/ 360 days exact interest= Pr no. of days/ 365 days
What gains more interest an ordinary annuity or an annuity due?
ordinary annuity
Is ordinary interest required by all banks?
yes
Is Ordinary interest is required by all banks?
True
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.
What is the tax rate on earned interest?
considered ordinary income
