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September 23, 2014

Homework Help: business Maths

Posted by Ekanki on Monday, April 23, 2012 at 9:41pm.

On September 14, Jennifer Rick went to Park Bank to borrow $2,500 at interest. Jennifer plans to repay the loan on January 27. Assume the loan is on ordinary interest. Refer to Days in a year table.

(a)
What interest will Jennifer owe on January 27? (Use 360 days a year. Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

(b)
What is the total amount Jennifer must repay at maturity? (Use 360 days a year. Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

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