ON September 14th Jennifer Rick went to a park bank to borrow 2500.00 at 11 3/4 intrest. Jennifer plans to repay the loan on January 27th Assume the loan is on the ordinary intrest. What intrest will Jennifer own on Jan 27th What is the total amount Jennifer must repay at Maturity?

First, multiply 0.1175 * 2500 to find the yearly interest. Let that number be represented by x.

Next, figure out how many days there are between Sept. 14 and Jan. 27. Let that number be resented by d.

Then, find the amount she'll owe on a partial year by plugging your numbers into this equation.

Interest = (d/360) * x

If you post your answer, we'll be glad to check it.

I am not understanding this here still. I have figured out that D=136 and the intrest is = 293.75

I think the answere is 110.99

You're right so far. She had the loan for 136 days. The yearly interest is $293.75.

Now you need to find the percentage of the year that she had the loan.
136 / 360 = 0.375 = 37.5% of the year.

Multiply 0.375 * $293.75 to find the interest she'll owe in January.

To calculate the interest Jennifer will owe on January 27th, we need to calculate the number of days between September 14th and January 27th and then apply the interest rate.

Step 1: Calculate the number of days between September 14th and January 27th:
There are 31 days in September, 31 days in October, 30 days in November, 31 days in December, and 27 days in January. So the total number of days is 31 + 31 + 30 + 31 + 27 = 150 days.

Step 2: Calculate the interest Jennifer will owe on January 27th:
The interest formula for ordinary interest is:
Interest = Principal × Rate × Time

Here, the Principal (P) is $2500, the Rate (R) is 11 3/4% (or 0.1175 as a decimal), and the Time (T) is 150 days converted to a fraction of a year.

To convert 150 days to a fraction of a year, divide it by 365:
150 days / 365 days = 0.4109 (approximately)

Now we can calculate the interest:
Interest = $2500 × 0.1175 × 0.4109 = $120.55 (approximately)

Therefore, Jennifer will owe approximately $120.55 in interest on January 27th.

To calculate the total amount Jennifer must repay at maturity, we need to add the interest to the principal.

Total Amount = Principal + Interest
Total Amount = $2500 + $120.55 = $2620.55

Therefore, Jennifer must repay a total of approximately $2620.55 at maturity.