Monday

April 21, 2014

April 21, 2014

Posted by **Angie** on Thursday, February 16, 2012 at 1:28am.

Solving for:

1. interest Jennifer will owe on January 5

2. the total amount Jennifer must repay at maturity.

My calculations have given me answers of

1. $124.44 interest ($3200)(11 2/3%)(120/360)

2. $3,324.44 maturity value on Jan 5th

The website the problems are on indicates they are incorrect answers. So I am stuck.

I appreciate any insight I can get.

Thank you!

- Simple Interest & Maturity Value -
**Henry**, Saturday, February 18, 2012 at 6:29am1. I = Po*r*t,

I=3200*(35/3)%/100%)*(118/360)=$122.37.

2. Pt = 3200 + 122.37 = $332237.

I would use 120 days if the maturty date had been Jan. 7th.

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