Actual and Approximate Time

Objective:
To solve problems involving simple interest using
actual and approximate time
Actual and Approximate Time
 Actual time – exact or actual number of days
in any given month

 Approximate time – all months within a

year contain 30 days
Actual and Approximate Time
1. Find the actual and approximate time from March 23
to October 16, 2010.

Actual: 207

Approximate: 203
Actual and Approximate Time
2. Find the actual and approximate time from January
15, 2012 to September 28, 2012.
Assuming that
MONTH ACTUAL APPROXIMATE there are only
JANUARY 16 15 30 days in
FEBRUARY 29 (because 2012 is leap year) 30 January, the
remaining days
MARCH 31 30 for this month is
APRIL 30 30 15
MAY 31 30
JUNE 30 30
JULY 31 30
AUGUST 31 30
SEPTEMBER 28 28
TOTAL 257 253
Actual and Approximate Time
3. Find the actual and approximate time from May
15,2011 to January 20, 2012.
MONTH ACTUAL APPROXIMATE
MAY 16 15
JUNE 30 30
JULY 31 30
AUGUST 31 30
SEPTEMBER 30 30
OCTOBER 31 30
NOVEMBER 30 30
DECEMBER 31 30
JANUARY 20 20
TOTAL 250 245
Actual and Approximate Time
4. Find the actual and approximate time from October
18, 2013 to May 10, 2014.

Actual: 204
Approximate: 202
Interest Between Dates
When interest is to be computed from a certain date to
another date inclusively, there are four methods of
computations:
 Ordinary Interest for Actual Time (𝐼𝑜 − 𝐴𝑐𝑡)
 Ordinary Interest for Approximate Time (𝐼𝑜 − 𝐴𝑝𝑝)
 Exact Interest for Actual Time (𝐼𝑒 − 𝐴𝑐𝑡)
 Exact interest for Approximate Time (𝐼𝑒 − 𝐴𝑝𝑝)

Banker’s Rule (used by banks in computing the interest on savings

deposits)
Interest Between Dates

1.) Find the interest using the four

methods on P 25, 000 at 5% from
August 2, 2012 to November 27,
2012.
Example:
2.) Using the four methods, find the interest on
P9, 500 from October 29, 2011 to March 18,
1
2012 at 10 % simple interest.
4
Example:
3.) Glen borrowed P25, 000 from Godfrey on
September 13, 2013 with a promise that he
1
pays the principal plus interest at
7 % using
5
the banker’s rule. If he makes the payment on
March 3, 2014 , what amount is due?
Interest Between Dates
4.) Find the ordinary interest and
2
amount on P 30, 000 at 3 %
5
simple interest from November
5, 1991 to May 20, 1992 using
approximate time.
Interest Between Dates

5.) Find the interest and amount on

1
P1.5 M at 6 % simple interest
4
from March 15, 2013 to
December 30, 2013 using
Banker’s Rule.