SOLUTION: the high yeild national bank uses exact time to calculate the exact interest on customer loans. if you borrow $8,400.00 at 12 3/8% on July 25 and repay it on October 4, how much i

Question 251923: the high yeild national bank uses exact time to calculate the exact interest on customer loans. if you borrow $8,400.00 at 12 3/8% on July 25 and repay it on October 4, how much interest will you pay?
Answer by nyc_function(2741) (Show Source): You can put this solution on YOUR website!
Use the formula
Monthly = P (1 + r/3)^3
p = 8400
r = 12 3/8 percent (change percent to decimal number before plugging into formula)
The number 3 in this case = 3 months (from end of July to October 4)

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