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

223

likes
1113 views

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

Expert avatar
Birdie
4.5
103 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.

Frequently asked questions (FAQs)
What is the formula to calculate the sum of the interior angles in a polygon with n sides?
+
What is the result of applying the distributive property to the expression 3x(4y + 2z) + 7?
+
What is the slope of the line passing through the points (2, 5) and (6, 12)?
+
New questions in Mathematics
If we have the sequence: 3, 6, 12, 24 Please determine the 14th term.
find the value of the tangent if it is known that the cos@= 1 2 and the sine is negative. must perform procedures.
Calculate the 6th term of PA whose 1st term is 6.5 and the ratio 5
I) Find the directional derivative of 𝑓(𝑥, 𝑦) = 𝑥 sin 𝑦 at (1,0) in the direction of the unit vector that make an angle of 𝜋/4 with positive 𝑥-axis.
what is the annual rate on ​$525 at 0.046​% per day for 3 months?
Find all real numbers x that satisfy the equation \sqrt{x^2-2}=\sqrt{3-x}
What’s the slope of a tangent line at x=1 for f(x)=x2. We can find the slopes of a sequence of secant lines that get closer and closer to the tangent line. What we are working towards is the process of finding a “limit” which is a foundational topic of calculus.
reduce the expression (7.5x 12)÷0.3
89, ÷ 10
How to do 15 x 3304
When Sara was 15 years old, an uncle left her as inheritanceà a sum of 10,000 euros which he invested in a bank that applies the interest rate of 2,5% annual. Today Sara is 18 years and wants to buy a'car, how much she can ò withdraw from the bank?
Associate each 2nd degree equation with its respective roots. A) x2+6x+8=0 B)x2-5x-6=0
The average undergraduate cost per tuition, fees, room, and board for all institutions last year was $26,025. A random sample of 40 institutions of higher learning this year indicated that the mean tuition, fees, room, and board for the sample was $27,690, and the population standard deviation is $5492. At the 0.05 level of significance, is there sufficient evidence that the cost has increased? (Remember to follow the steps in hypothesis testing)
Consider the function f(x)=1/2(x+1)^2-3. Use the preceding/following interval method to estimate the instantaneous rate of change at 𝑥 = 1.
Find I (Intrest) using simple interest formula of 17700 @ 15% for 4 years
8. Measurement Jillian measured the distance around a small fish pond to be 27 yards. What would be a good estimate of the distance across the pond: 14 yards, 9 yards, or 7 yards? Explain how you decided.
g(x)=3(x+8). What is the value of g(12)
A person travels by car from one city to another with different constant speeds between pairs of cities. She drives for 55.0 min at 100.0 km/h, 14.0 min at 65.0 km/h, and 45.0 min at 60.0 km/h and spends 20.0 min eating lunch and buying gas. (a) Determine the average speed for the trip.
Find the number of liters of water needed to reduce 9 liters of lotion. shave containing 50% alcohol to a lotion containing 30% alcohol.
Construct a set of six pieces of data with​ mean, median, and midrange of 67 and where no two pieces of data are the same.