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Business Math

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On September 14, Jennifer Rick went to Park Bank to borrow $2,500 at 11.75% interest. Jennifer plans to repay the loan on January 27. What interest will Jennifer owe on January 27? What is the total amount Jennifer must repay at maturity?

  • Business Math - ,

    I = Po*(r/360)*d
    I = 2500*(0.1175/360)*136days = $110.97

    AMT. = 2500 + 110.97 = $2610.97

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