4 ks) c) A loan of RM4,000 was made on 15 March 2019 at a simple...

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4 ks) c) A loan of RM4,000 was made on 15 March 2019 at a simple interest rate of 6% per annum. Calculate the accumulated amo

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Answer 1

Answer #1

Bankers rule

Accumulated amount = P $\times$ ( 1 + rt)

P = RM4,000

r = 6% pa = 0.06 $\div$ 360 days

Time = 15 March 2019 to 14 June 2019 = 15 days in March + 30 days in April + 31 days in May + 14 days in June

Time = 90 days

0.06 Accumulated amount on 14 June 2019 = RM4000 1+ 360 ys) = RM4060

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Answer 2

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