posted by .

Joyce took out a loan for \$21,900 at 12 percent on March 18, 2000, which will be due on January 9, 2001. using ordinary interest, Joyce will pay back on January 9 a total amount of:

Ordinary interest is 360
March 18 = 77 days
January 9 - 9 days

Interest = (P) Principal x (I) Rate x (T)Time

T = Exact number of days/360

Please show step by step. Thank you!

okay, I figure how to solve my problem.

Principal: \$21,900
Interest Rate: 12%
Date borrowed: March 18 = 77 days
Date repaid: January 9 = 9 days

365 - 77 = 288 + 9 = 297 days
Interest = Prinicpal x Rate x Time
I = \$21,900 x .12 x 297/360
I = \$2,168.10

Maturity Value = Principal + Interest
MV = \$21,900 + \$2,168.10
MV = \$24,068.10

## Similar Questions

Joyce took out a loan for \$21,900 at 12 percent on March 18, 2007, which will be due on January 9, 2008. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount:
2. ### math

Joyce took out a loan for \$21,900 at 12 percent on March 18, 2007, which will be due on January 9, 2008. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount:
3. ### math

Joyce took out a loan for \$21,900, at 12 percent, on March 18, 2007, which will be due on January 9, 2008. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount of_________.
4. ### math

Janet Home went to Citizen Bank. She borrowed \$7,000 at a rate of 8 percent. The date of the loan was September 20. Janet hoped to repay the loan on January 20. Assuming the loan is based on ordinary interest, Janet will pay back interest …
5. ### math

Janet Home went to Citizen Bank. She borrowed \$7,000 at a rate of 8 percent. The date of the loan was September 20. Janet hoped to repay the loan on January 20. Assuming the loan is based on ordinary interest, Janet will pay back interest …

13. Joyce took out a loan for \$21,900 at 12 percent on March 18, 2007, which will be due on January 9, 2008. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount: (Points : 1)