document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=251923>Question 251923</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #183689 by </B><A HREF=/tutors/aboutme.mpl?userid=nyc_function><B>nyc_function(2741)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=nyc_function><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=nyc_function><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=183689\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Use the formula \r<BR>\n" );
document.write( "\n" );
document.write( "Monthly = P (1 + r/3)^3  \r<BR>\n" );
document.write( "\n" );
document.write( "p = 8400\r<BR>\n" );
document.write( "\n" );
document.write( "r = 12 3/8 percent (change percent to decimal number before plugging into formula)\r<BR>\n" );
document.write( "\n" );
document.write( "The number 3 in this case = 3 months (from end of July to October 4)<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );