Match each item to a choice: charges, P=19,500, Interest=6%, Time=60 days, ordinary, P=19,500, Interest=6%, Time=6, 360 days, calculated interest, price or rental fee, interval cal... Match each item to a choice: charges, P=19,500, Interest=6%, Time=60 days, ordinary, P=19,500, Interest=6%, Time=6, 360 days, calculated interest, price or rental fee, interval calculation of interest, I=PRT, interest plus principal, 365 days.
Understand the Problem
The question involves matching financial terms related to calculating interest and money value to their corresponding definitions or formulas. The key concepts include various types of interest and their calculations.
Answer
Charges: price or rental fee, P=19,500 & Interest=6% & Time=60 days: ordinary interest, 360 days: ordinary interest, interval calculation: exact interest, I=PRT: simple interest.
The matches are: charges - price or rental fee, P=19,500, Interest=6%, Time=60 days, ordinary - ordinary interest, P=19,500, Interest=6%, Time=6 - simple interest, 360 days - ordinary interest, calculated interest - interest, price or rental fee - 7020, interval calculation of interest - exact interest, I=PRT - simple interest, interest plus principal - maturity value, 365 days - exact interest.
Answer for screen readers
The matches are: charges - price or rental fee, P=19,500, Interest=6%, Time=60 days, ordinary - ordinary interest, P=19,500, Interest=6%, Time=6 - simple interest, 360 days - ordinary interest, calculated interest - interest, price or rental fee - 7020, interval calculation of interest - exact interest, I=PRT - simple interest, interest plus principal - maturity value, 365 days - exact interest.
More Information
Ordinary interest uses a 360-day year for calculations, common in financial institutions. Exact interest uses a 365-day year.
Tips
Confusing ordinary and exact interest can lead to calculation errors. Ordinary uses 360 days, exact uses 365.
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