"EXACT INTEREST, ORDINARY INTEREST, EXACT TIME,APPROXIMATE TIME.Exact simple interest is calculated on the basis of a 365/366 day year. Ordin- ary simple interest is calculated on the basis of a 360-day year. Exact time isthe exact number of days while approximate time assumes 30 days per month. Forlender, ordinary interest for exact days ORINEDAY (Banker's Rule) is most pop- ular, but, for borrower exact interest for approximate number of days EXINADAY is desirable. ADAY1, AAMONTH1 and AYEAR1 is first date of loan and BDAY2, BBMONTH2 and BYEAR2 is the second or last date of loan. EDAYS is exact days between two dates. ADAYS is approximate days. RATE% is the interest rate as a percent. PRINCIPL is the principal or amount of the loan. EXINEDAY is EXact INterest for Exact DAYs. EXINADAY is EXact INt for Approx DAYs. ORINEDAY is ORdinary INt for EXact DAYs. ORINADAY is ORdinary INt for Approx DAYs. *** Answers to problems **** (c) Copyright PCSCC, Inc., 1993 (a) Set AAMONTH1 to 1. Set ADAY1 to 15. Set AYEAR1 to 1992. Set BBMONTH2 to 10. Set BDAY2 to 1. Set BYEAR2 to 1992. Set PRINCIPL to 1000,000. Set RATE% to 12. The exact interest for exact days (260) EXINEDAY is $8547.95. The ordinary interest for exact days ORINEDAY is $8666.67. (b) The exact interest for approx days (256) EXINADAY is $8416.44 and the ordinary interest for approx days ORINADAY is $8533.33. Type any key to exit. ||Find the exact and ordinary interest on $100,000 at 12% from January 15th, 1992 to October 1st, 1992 using (a) exact time and (b) ordinary time. Type comma key to see answers. Type (F2) to return to help file."
