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16 January, 20:19

Keith Wendell plans to borrow $5,810.

He has decided on a term of 95 days at 8% interest.

He has a choice of two lenders.

One calculates interest using a 360-day year and the other uses a 365-day year.

Find the amount of interest Wendell will save by using the lender with the 365-day year.

$1.54

$1.67

$1.63

$1.68

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  1. 16 January, 20:48
    0
    I=5810*0.08*95/360=122.66

    I=5810*0.08*95/365=120.98

    122.66-120.98=1.68
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