please help

[ammanda]

Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount of interest for the following loan.​

Principal	Rate (%)	Time (days)	Exact Interest	Ordinary Interest
$184,500	15	58	$	$

 

[stapel]

Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount of interest for the following loan.

Principal: $184,500
Rate (%): 15
Time (days): 58

"Exact" uses the exact number of days, like you're counting off the squares on a calendar, so the "time" is (actual number of days for loan)/(actual number of days in a year). "Ordinary" uses an approximation of the portion of the year, as though every month were thirty days, so the "time" is (actual number of days for loan)/(360 days in a year).

So plug the given values into the formula they gave you, and simplify to get the values for which they're asking.