Business Math

[jennifer88]

Sabrina Bowers took out the same loan as Janeen. "Janeen took out a 8 1/2% loan for 20,000. the laon is due March 9, 2011.use ordinary interest to calculate the intrest.What is the total amount Janeen pay on March 9,2011?" Sabrins terms however are exact interest .What is sabrina's difference in tnterest? and what will she pay on march 9,2011?

 

[jennifer88]

business

ooooops sorry it was taken out on April 5 2010

 

[jennifer88]

WHEN was the loan taken? Impossible to calculate total interest without that information.
Also, what were you told about ordinary and exact interest; be specific:
we're not here to guess

in am in a business math class in college thats how i frist heard about it.

 

[jennifer88]

NO

Jennifer

I worked for a bank for 32 years. I never heard the terms "ordinary interest" and "exact interest." By any chance are you talking about "compound" and "simple" interest. If so, you need to say what the compounding period is. Furthermore you need to tell us if there are periodic payments and how they are calculated.

No in the book i have it says exact and ordinary. The book i have is "Practical Business Math Procedures" by Jeffrey Slater
all the info it gives is 8 1/2% loan for 20,000 and the loan is due March 9 2011 it was taken out on April 5 2010.and thats all.

 

[rosehusten]

This is really interesting but I am not able to get the exact amount.

[off-topic link deleted]

 

[mmm4444bot]

Wrong! 33 1/3

Maybe Jeff is ordinary, whereas you are exact.