Determining The Time Period (Term)参考.ppt

Chapter 6 Simple Interest 6.2 Determining The Time Period (Term) Whenever possible, the time period t should be determined using the exact number of days involved . Table 6.1 Month Days Month Days Month Days January 31 May 31 September 30 February 28 June 30 October 31 March 31 July 31 November 30 April 30 August 31 December 31 Example: Find the exact number of days from January 23,1994 to June 7,1994 number of days =(31-23+1)+28+31+30+31+6 1 2 3 4 5 6 =135 days Example6.2A: Calculating And Using The Exact Number of Days A, Calculate the term for each of the following loans. Loan Date Date Interest principal advanced repaid rate pa (1)$3,000 March 31,1997 September 4,1997 (2)$23,000 November 29,1997 April 1,1998 13.4% (3)$14,600 January 11,1996 June 4,1996 B, Calculate the interest due on the repayment date for each loan. Solution: A, We calculate the term with two methods, respectively. Method 1 use table 6.1 , and Method 2 use table 6.2. (1) From March 31 ,1997 to September 4, 1997 The number of days =1+30+31+30+31+31+3=157 Date Day number September 4,1997 247 March 31, 1997 -90 =157 (2) November 29,1997 to April 1,1998 The number of days =2+31+31+28+31+0=123 days Date Day number December 31,1997 365 November 29,1997 -333 32 April 1,1998 +91 =123 (3) January 11,1996 to June 4