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) 3012=18
8018=62
6231=31
3130=1
answer is July 1
Answer This Question
Related Questions
 math  On April 12, Michelle Lizaro borrowed $5,000 from her credit union at 9...
 Math  On May 23, Samantha Best borrowed $40,000 from the Tri City Credit Union...
 math  On May 23, Samantha Best borrowed $4,000 from the Tri City Credit Union ...
 math  On May 23, Samantha Best borrowed $40,000 from the Tri City Credit Union ...
 math  On May 23, Samantha Best borrowed $40,000 from the Tri City Credit Union ...
 math  On May 23, Samantha Best borrowed $40,000 from the Tri City Credit Union ...
 Math  On May 23, Samantha Best borrowed $40,000 from the Tri City Credit Union ...
 math  On May 23, Samantha Best borrowed $4,000 from the Tri City Credit Union ...
 Math  A customer purchased a car and financed $16,000. The customer borrowed ...
 math  The total amount of interest on a loan of $6,000 for 150 days is 210.50....
More Related Questions