Federal Reserve Banks as well as the Federal government like to calculate simple interest based on:

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Asked 4/7/2012 6:51:21 PM

Updated 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. ]
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Question

Asked 4/7/2012 6:51:21 PM

Updated 3/9/2014 12:15:40 AM

1 Answer/Comment

This conversation has been flagged as incorrect.

Flagged by jeifunk [3/9/2014 12:15:40 AM]

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jeifunk

Federal Reserve Banks as well as the Federal government like to calculate simple interest based on: EXACT INTEREST.

Added 3/9/2014 12:15:39 AM

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alfred123

Annual means compounded once a year. TRUE.

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Confirmed by Andrew. [8/31/2015 7:49:18 PM]

The amount the bank charges for use of money is called interest. True False

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Updated 1/22/2014 10:02:41 AM

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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)

Question

Updated 3/9/2014 12:17:04 AM

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jeifunk

Using ordinary interest, Joyce will pay back on Jan. 9 a total amount: $24,068.10

Added 3/9/2014 12:17:04 AM

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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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jeifunk

Compound value = $ amount divided by table factor. This is FALSE.

Added 1/22/2014 10:00:26 AM

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