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
likes1113 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
Birdie
4.5103 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.
Frequently asked questions (FAQs)
Math question: What is the result when you divide 3/5 by 2/3?
+
Question: What is the limit as x approaches infinity of (2x^3 + 5x^2 - x + 3)/(x^3 + 6x^2 + x - 2)?
+
Math question: In a triangle ABC, with side lengths a = 10, b = 15, and c = 12, find the measure of angle A using the Sine Law.
+
New questions in Mathematics