Use the Exact Method (365 Days) and the Ordinary Interest

question 140

Short Answer

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: $$\begin{array} { l l l l l } \text { Principal } & \text { Rate } & \text { Time } & \text { Exact Interest } & \text { Ordinary Interest } \\\$ 2,500 & 12.5 \% & 20 \text { days } &\end{array}$$

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Definitions:

Touch Sensation

Touch sensation is the perception of physical contact realized through the skin, mainly through the activation of nerve endings, providing information about pressure, texture, and temperature.

Sensory System

A part of the nervous system responsible for processing sensory information received from the environment.

Thalamus

A brain structure that acts as a relay station, processing and transmitting sensory information to the appropriate areas of the brain for further processing.

Cortex

The outer layer of the cerebrum in the brain, associated with higher brain functions such as thought and action.