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05-06-2023
Business

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Exercise 2. (1.5+1.5+1.5+1 marks ) A loan of $1,000 at 20% annually was made on October 15 and due on March 20 of the following non-leap year. 1. Find the exact time of the loan. 2. Find the exact interest 3. Find the ordinary interest. 4. Explain why the ordinary interest is always higher than the exact interest.

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