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

On April 12, Michelle borrowed $5,000 from her credit union at 9% for 80 days. The credit union

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 9:27pm
How 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

- interest math -
**Shai**, Friday, September 19, 2014 at 2:06pm
REINY your answers are incorrect as well the correct answers are:

A) 5000x0.09x80/360=100

B) 5000(1+0.09x80/360)=5100

C) 30-12=18

80-18=62

62-31=31

31-30=1

answer is July 1

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