Wednesday

July 30, 2014

July 30, 2014

Posted by **lynda** on Thursday, November 14, 2013 at 9:18pm.

uses the ordinary interest method.

a. What is the amount of interest on the loan? $90

b. What is the maturity value of the loan?$5090

c. What is the maturity date of the loan?july 1

I got them all wrong...the answers i got are above

- interest math -
**Reiny**, Thursday, November 14, 2013 at 9:27pmHow are you getting your answers ???

a) interest = 5000(.09)(80/365) = 98.63

b) value = 5000 + 98.63 = $5098.63

c) look at a calendar, count 80 days starting April 13 as one, april 14 as 2 , etc

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