Federal Reserve Banks as well as the Federal government like to calculate simple interest based on:
Question
Updated 3/9/2014 12:15:40 AM
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Flagged by jeifunk [3/9/2014 12:15:40 AM]
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User: Federal Reserve Banks as well as the Federal government like to calculate simple interest based on:

Weegy: Simple interest is calculated only on the principal amount, [ or on that portion of the principal amount that remains unpaid.The amount of simple interest is calculated according to the following formula: I_{simp} = r \cdot B_0 \cdot m where r is the period interest rate (I/m), B0 the initial balance and m the number of time periods elapsed. ]
shifa saleheen|Points 9603|

Question
Updated 3/9/2014 12:15:40 AM
This conversation has been flagged as incorrect.
Flagged by jeifunk [3/9/2014 12:15:40 AM]
Rating
8
Federal Reserve Banks as well as the Federal government like to calculate simple interest based on: EXACT INTEREST.

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Updated 1/22/2014 10:02:41 AM
Joyce took out a loan for $21,900 at 12 percent on March 18, 2007, which will be due on January 9, 2008. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount: Weegy: 21,900 x 0.12 x 297/365 = 2138.4. Add that to$21,900.00= 24 038.4. Answer is Joyce will pay back 24 038.4 (More)
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Updated 3/9/2014 12:17:04 AM
Using ordinary interest, Joyce will pay back on Jan. 9 a total amount: $24,068.10 Added 3/9/2014 12:17:04 AM This answer has been confirmed as correct and helpful. Compound value =$ amount divided by table factor. True False
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Updated 1/22/2014 10:00:26 AM
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