Jim and Jane each received $8,000 cash from their bank on May 5, 2021. Both loans are to be paid back with one payment made on November 13, 2021. Jane’s bank charges interest using exact interest and r = 4%, while Jim’s bank uses the Banker’s Rule (ordinary interest) and r = 5%. How much will each of them be required to pay their respective banks on November 13th ?

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Calculating the amount owed by Jim and Jane 1 Jane using exact i... View the full answer