Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: $$\begin{array} { l l l l l }
\text { Principal } & \text { Rate } & \text { Time } & \text { Exact Interest } & \text { Ordinary Interest } \
\$ 116,000 & 9.2 \% & 240 \text { days } & &
\end{array}$$

Question

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: $$\begin{array} { l l l l l } 
\text { Principal } & \text { Rate } & \text { Time } & \text { Exact Interest } & \text { Ordinary Interest } \
\$ 116,000 & 9.2 \% & 240 \text { days } & &
\end{array}$$

Quizplus · Accepted Answer

The Answer of Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: $$\begin{array} { l l l l l } 
\text { Principal } & \text { Rate } & \text { Time } & \text { Exact Interest } & \text { Ordinary Interest } \
\$ 116,000 & 9.2 \% & 240 \text { days } & &
\end{array}$$

Use the Exact Method (365 Days) and the Ordinary Interest