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interest math

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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 - ,

    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 - ,

    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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