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Determine the exact and ordinary simple interest on a 90-day loan of $8000 at 812 %

150$
$160
$170
$180

Correct Answer: $170

Explanation:

Exact interest, I= prt = $8000 × 0.085 × 90/365 = 167.67

Ordinary Interest, I= Prt = $8000 x 0.085 x 90/360 = 170

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