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Q.
Determine the exact and ordinary simple interest on a 90-day loan of $8000 at 8 1/2 %
A.
$150
B.
$160
C.
170
D.
$180
View Answer
Correct choice: C
Explanation:
Exact interest, I= prt = $8000 × 0.085 × 90/365 = 167.67 Ordinary Interest, I= Prt = $8000 x 0.085 x 90/360 = 170
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