Intro to Interest

Which of the following is the charge or fee paid for using somebody else’s money.

Which of the following is the amount borrowed?

Which of the following is the rate paid for the use of money

Which of the following is NOT a formula of a simple interest?

Which of the following is the the total amount to paid by the borrower?

Mckyla applied for a loan which is to be paid for about 15 months

Mari purchased an item to be payed in installment for 10 months.

Which of the following interest considers 360 days for a year?

How many days are considered in Exact Interest?

Gillian wants to know which bank offers lower interest at a rate of 9%. She plans to borrow Php 30,000 for 90 days. IPB bank uses ordinary interest while ODB bank applies exact interest. Which bank should Gillian chose?