a business loan of 50,000php was take out on june 2, 2025, and is to be repaid on december 15, 2025. if the…

Explanation:

Step1: Calculate actual time

First, find number of days from June 2, 2025 to December 15, 2025. June has 30 - 2= 28 days, July has 31 days, August has 31 days, September has 30 days, October has 31 days, November has 30 days and December has 15 days. Actual time $t_{actual}=28 + 31+31 + 30+31+30+15=196$ days. In years, $t_{actual}=\frac{196}{365}$ years.

Step2: Calculate exact interest

The simple - interest formula is $I = Prt$, where $P = 50000$, $r=0.09$. $I_{exact}=P\times r\times t_{actual}=50000\times0.09\times\frac{196}{365}\approx2416.44$ The amount $A_{exact}=P + I_{exact}=50000+2416.44 = 52416.44$

Step3: Calculate approximate time

For ordinary interest, we assume a 360 - day year. The number of days is still 196. In years, $t_{approx}=\frac{196}{360}$ years.

Step4: Calculate ordinary interest

$I_{ordinary}=P\times r\times t_{approx}=50000\times0.09\times\frac{196}{360}\approx2450$ The amount $A_{approx}=P + I_{approx}=50000 + 2450=52450$

Answer:

Actual time with exact interest amount: 52416.44 php Approximate time with ordinary interest amount: 52450 php