Posted by **Ekanki** on Monday, April 23, 2012 at 10:12pm.

Leslie Hart borrowed $15,900 to pay for her child’s education at Riverside Community College. Leslie must repay the loan at the end of 6 months in one payment with interest.

(a)

How much interest must Leslie pay? (Do not round intermediate calculation. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

(b)

What is the maturity value? (Do not round intermediate calculation. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

- business Maths -
**Ekanki**, Monday, April 23, 2012 at 10:14pm
a) Interest $ 298.12

b)Maturity value $ 16,198.12

a:

$15,900 × 0.0375 ×6/12 =$298.13

b:

MV = P + I

= $15,900 + $298.13

= $16,198.13

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