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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Birdie

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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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