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01-07-2021
Mathematics

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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.

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01-07-2021

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

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