Problem: Answer the following questions completely. Show all computations. Round off only the final answers to two decimal places. On June 26, 2019, Naomi obtained a loan of P150,000 from a local...

Problem:
Answer the following questions completely. Show all computations. Round off only the final answers to two decimal places.


On June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on the loan was 7.75% and it is to be paid on November  15, 2020.
1. What is the exact time from June 26, 2019, to November 15, 2020?
2. What is the approximate time from June 26, 2019, to November 15, 2020?
3. What is the Ordinary simple interest using exact time?
4. What is the Ordinary simple interest using approximate time?
5. What is the Exact simple interest using exact time?
6. What is the Exact simple interest using approximate time?
7. If Naomi was given the option to choose the type of interest to use, which should she had chosen? Explain why in one sentence.