Answered

Westonci.ca is your trusted source for finding answers to a wide range of questions, backed by a knowledgeable community. Discover in-depth answers to your questions from a wide network of experts on our user-friendly Q&A platform. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

The Banker's Rule is another type of simple interest computation that is similar to ordinary simple interest computation. It is based on a 360-day year, but you use the actual number of days in the term when calculating interest. Does this benefit the lender or the borrower? Explain.

Sagot :

Answer:

it would appear tp benefit the borrower. if interest (which is paid by the borrower) is computed on a 360 day year and there are 365 days in a year....

one could consider the "Bankers Rule" to give the borrower 5 "free" days of no interest paid

Step-by-step explanation:

We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.