find both the exact and ordinary interest on 36 comma 200 at 13 and one fourth for 173 days then

Name: find both the exact and ordinary interest on 36 comma 200 at 13 and one fourth for 173 days then find the amount by which the ordinary interest is larger 28086
Uploaded: 2023-03-29T15:48:10-08:00
Duration: 3 min 4 s
Channel: Donna Densmore
Description: find both the exact and ordinary interest on 36 comma 200 at 13 and one fourth for 173 days then find the amount by which the ordinary interest is larger 28086

Let's solve the problem step by step.

Find both the exact and ordinary interest on 36 comma 200 at...

Transcript

00:01 They want us to find the exact and ordinary interest for these two lungs.

00:05 So the first one, the only difference is for exact, we're going to use the exact number of days in a year, which is 365.

00:12 For ordinary, that just means we're going to use an easier number, which would be 360.

00:17 So that's the only difference between the two.

00:21 So we're going to go and get our interest, which is principal times rate times time, to be 30 ,000 at a rate of 0 .07.

00:29 And so my time i'll use 240 over 365.

00:34 Then for the second one i'll do the same thing.

00:38 0 .07, 240 over 360.

00:42 We'll go to our calculator in a minute.

00:44 For the second problem, we're going to do the same thing.

00:46 Interest equals principle times rate times time.

00:50 So this is going to be 35 ,000 at 0 .06.

00:56 And then we're going to do that for so many days out of 365, then we'll do it here for 35 ,000 .06 for so many days out of 360.

01:07 Now here we've got to figure out the number of days.

01:10 So we know here that in september there's 30 days, october there's 31, november there's 30, and then on december 14th that's going to be an additional 14 days.

01:22 Now for august, there's 31 days in august, but let's get rid of august 6th.

01:27 So we're looking at 25 days, but we have to include all.

01:31 August 6, we need to add a day to get that back in there.

01:34 So it's going to be 26.

01:36 So now we add up those days...