When Calculating Interest on Loans with Terms of Days, There

question 73

True/False

When calculating interest on loans with terms of days, there are two methods.
​
Ordinary Interest uses the 365 day calendar.
​
Exact Interest add one extra day 366 to account for leap year.​

---

Definitions:

Brown Decision

Refers to the landmark 1954 U.S. Supreme Court case Brown v. Board of Education, which declared state laws establishing separate public schools for black and white students to be unconstitutional.

Judicial Power

The authority granted to courts and judges to interpret and apply the law, adjudicate conflicts, and enforce rulings.

Consumer Capitalism

An economic system driven by consumer spending on goods and services, often characterized by the encouragement of goods consumption.

Middle Eastern Countries

Nations located in the Middle East, a region primarily in Western Asia and Northeast Africa, characterized by distinct cultural, religious, and geopolitical traits.