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Find the exact interest and the ordinary interest for a 260-day loan of $19,600 at 12% to the nearest cent. Then find the difference between the two interest amounts. $150.69 $1,698.67 $1,675.40 $23.27

Respuesta :

Aliwohaish12
The exact interest is when you divide the number of days given by 365

The ordinary interest is when you divide the number of days by 360

The formula is
I=prt

To find The difference

19,600×0.12×(260÷360)
−19,600×0.12×(260÷365)
=23.27

Hope it helps


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