find the exact interest on a loan of 32,000 at 7% annually for 25 days

Question

The answer should be rounded to the nearest cents if needed

Answer 1

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bankers yuze banker rules that oft konflikt with math

zampel...many akt like yeer=360 daes, so em du:

interest=32,000$*0.07*(25/360)

32,000$*0.07=2,240 $ interest for 1 yeer

if multipli bi (25/360)=0.069444444, yu get 155.5555555$

or bout 155.56$

but if yuze (25/365)=0.06849315, yu get153.4246575$