Gene mcdonald’s bank granted him a single-payment loan of $5,000 for 90 days at 9% exact interest. what is the amount of exact interest owed?

Interest can be ordinary or exact. Exact interest is calculated for a 365-days period. Let's calculate how much is that. For a 365-day period amount is loan multiplied by interest rate:

A = L • I

A = 5000 • 9/100

A = $450

We already stated that this is for a 365-day period. Now let's find how much is that for a 90-day period given in this text. For this we can use the proportion:

90 : x = 365 : $450

x = 450 • 90 / 365

x = $111

i only know the sequence of arithmetic it adds the first is 5+4 then it goes up as it adds to then it is 9+5 then 14+6 then to 20+7 and so on. 5,9,14,20,27,35.

step-by-step explanation: