Homework Help: business Maths

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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