Computing time and interest

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Reference no: EM131900780

Computing Time and Interest:

Jamie got a good deal on a used car but does not have enough funds to pay for the car. He needs $3520 more to be able to buy the car. Jamie contacted you for advice regarding the different combinations of timing and interest computation methods and which option is best for him.

Create and compute four different ways of finding time and interest (listed below), then advise Jamie on

What to bargain for. Suppose Jamie could borrow the amount from a lender who charges 7% beginning September 5, 2017 through April 10, 2018.

a. Exact time and ordinary interest

b. Exact time and exact interest

c. Approximate time and ordinary interest

d. Approximate time and exact interest

e. Write one paragraph suggesting which option is best for him and why.

Reference no: EM131900780

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