Question

How to solve ordinary interests and exact interests? Pls answer asap ty..!?

Answer 1

Ordinary interest is calculated on the basis of a 360-day year or a 30-day month; exact interest is calculated on a 365-day year. Theinterest formulas for both ordinary and exact interest are actually the same, with time slightly differing when given as number of days. Interest is the sum paid for the use of money......

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Answer 2

Step-by-step explanation:

Ordinary interest is calculated on the basis of a 360-day year

Exact interest is calculated on a 365-day year.

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But when time is given in terms of days, two possible equivalence may be used:

360 days = 1 year.

30 days = 1 month.

365 days = 1 year

so based on this ,you can solve above problem

hope you understand