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The 6%-60 day method is a shortcut for calculating simple interest when the interest rate is 6% per year. Here's how it works:\r
\n" ); document.write( "\n" ); document.write( "**The 6%-60 day Rule**\r
\n" ); document.write( "\n" ); document.write( "* **60 days:** At 6% interest, money earns 1% interest in 60 days.
\n" ); document.write( "* **6 days:** To find the interest for 6 days, simply move the decimal point in the principal amount three places to the left.\r
\n" ); document.write( "\n" ); document.write( "**Calculations**\r
\n" ); document.write( "\n" ); document.write( "**1. P6,500 at 6% for 54 days**\r
\n" ); document.write( "\n" ); document.write( "* **Interest for 6 days:** Move the decimal point three places to the left in P6,500, which gives you P6.50.
\n" ); document.write( "* **Number of 6-day periods in 54 days:** 54 days / 6 days = 9
\n" ); document.write( "* **Total interest:** P6.50 * 9 = **P58.50**\r
\n" ); document.write( "\n" ); document.write( "**2. P1,500 at 6% for 120 days**\r
\n" ); document.write( "\n" ); document.write( "* **Interest for 6 days:** Move the decimal point three places to the left in P1,500, which gives you P1.50.
\n" ); document.write( "* **Number of 6-day periods in 120 days:** 120 days / 6 days = 20
\n" ); document.write( "* **Total interest:** P1.50 * 20 = **P30.00**\r
\n" ); document.write( "\n" ); document.write( "**Important Notes:**\r
\n" ); document.write( "\n" ); document.write( "* The 6%-60 day method is an approximation. It assumes a 360-day year, which is slightly different from the actual number of days in a year.
\n" ); document.write( "* For precise interest calculations, especially for longer periods or different interest rates, it's best to use the standard simple interest formula:
\n" ); document.write( " Interest = Principal x Rate x Time
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