Question
Using the bank and exact method, calculate the interest on capital 10000 at 12% annual nominal interest rate for the period from 15.3. 2016 until 10/10/2016
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Answer to a math question Using the bank and exact method, calculate the interest on capital 10000 at 12% annual nominal interest rate for the period from 15.3. 2016 until 10/10/2016
Birdie
4.5102 Answers
To calculate the interest on capital using the bank and exact method, we will use the following formula:
Interest = Capital * Rate * Time
Where:
Capital = $10,000
Rate = 12% (or 0.12 as a decimal)
First, let's calculate the time period in years. The given period is from 15.3.2016 until 10/10/2016.
Using a calendar, we can see that this is a time period of approximately 209 days = 209/365 years (from March 15, 2016, to October 10, 2016).
Next, we can substitute the values into the formula:
Interest = $10,000 * 0.12 * 209/365
Calculating this expression, we get:
Interest = $687.12.
Interest = Capital * Rate * Time
Where:
Capital = $10,000
Rate = 12% (or 0.12 as a decimal)
First, let's calculate the time period in years. The given period is from 15.3.2016 until 10/10/2016.
Using a calendar, we can see that this is a time period of approximately 209 days = 209/365 years (from March 15, 2016, to October 10, 2016).
Next, we can substitute the values into the formula:
Interest = $10,000 * 0.12 * 209/365
Calculating this expression, we get:
Interest = $687.12.
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