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March 25, 2017

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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 - ,

    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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