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April 18, 2014

April 18, 2014

Posted by **Ekanki** on Monday, April 23, 2012 at 10:07pm.

(a)

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

b)

What is the total amount Jody must repay at maturity? (Do not round intermediate calculations. Round your answers to 2 decimal places. Omit the "$" sign in your response.)

- business Maths -
**Ekanki**, Monday, April 23, 2012 at 10:11pmA) Interest $ 69.87

B) Maturity value $ 3,969.87

Explanation:

a:

365

Sept. 20= – 263

________

102

+ 27

__________

129

$3,900 ×0.05 × 129/360 = $69.88 interest

b:

$69.88 + $3,900 = $3,969.88

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