On Sept 14 Jennifer Rick went to park bank to borrow 2500.00 at 11 3/4 intrest. Jennifer plans to repay the loan on Janauary 27th Assume the loan is on ordinary intrest. What intrest will Jennifer owe on January 27th What is the total amount Jennifer must repay at Maturity

To find the interest Jennifer will owe on January 27th and the total amount she must repay at maturity, we need to use the formula for simple interest:

Interest = Principal × Rate × Time

First, let's find the interest Jennifer will owe on January 27th.

1. Convert the interest rate from mixed number to decimal:
11 3/4 can be written as 11.75% or 0.1175 in decimal form.

2. Calculate the time in years:
From September 14 to January 27, there are approximately 4.33 months. So, the time in years is 4.33 / 12 = 0.3617 years.

3. Plug in the values in the formula:
Interest = $2500 × 0.1175 × 0.3617
= $106.3825 (rounded to 2 decimal places)

Therefore, Jennifer will owe approximately $106.38 in interest on January 27th.

Now, let's find the total amount Jennifer must repay at maturity.

1. Calculate the principal + interest:
Principal + Interest = $2500 + $106.38
= $2606.38

Therefore, Jennifer must repay a total of $2606.38 at maturity.

If by "ordinary interest" you mean that the interest is not compounding at some interval (such as monthly), and if it is charged at a daily rate of 11.75%/365, then for this 135-day loan, the interest due would be

(135/365)*(0.1175)*2500.00 = $108.65
The total amount to pay off the loan will be $25,108.65