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can someone help me fill out theses charts?How am I supposed to calculate the 60 day method ? can you explain it

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BIUANGME BEEXO
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ASSIGNMENT 40
Note: Actual interest is based on a 365-day year; however, to help you learn to estimate
nterest, also try computing interest using the 6%, 60-day Method, which is based on a
360-day year. Remember, the interest formula is: Principal * Rate * Time. The maturity value
formula is: Principal + Interest = Maturity Value. The principal is also called the face, and
time may be referred to as the term.
Problem 40-1: Compute interest.
Compute the interest on each note using a 360-day year and then computed interest again
using a 365-day year. (Try to use the 6%, 60-day Method for the 360-day year amounts.)
Interest
Interest
Principal (Face)
Rate
Time (Term)
(360-day year)
(365-day year)
A
$1,600
6%
40 days
B
1,200
7%
60 days
C.
3,600
6%
90 days
D
640
10%
60 days
E
1,952
8%
60 days
F .
2,00
5%
60 days
Computations
Interest Computations: Interest = Principal * Rate * Time

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BIUAN GAME BEEXO.
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11 1 1|1.
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A.
6%, 60-day method, 360-day year
Calculator, 360-day year
2 of 6
Calculator, 365-day year
Problem 40-1 (continued)
B.
6%, 60-day method, 360-day year
Calculator, 360-day year
Calculator, 365-day year
C.
6%, 60-day method, 360-day year
Calculator, 360-day year
Calculator, 365-day year

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Y
31
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D.
6%, 60-day method, 360-day year
Calculator, 360-day year
Calculator, 365-day year
Problem 40-1 (continued)
3 of 6
E.
6%, 60-day method, 360-day year
Calculator, 360-day year
Calculator, 365-day year
F.
6%, 60-day method, 360-day year
Calculator, 360-day year
Calculator, 365-day year

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