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Leslie Hart borrowed \$15,900 to pay for her child’s education at Riverside Community College. Leslie must repay the loan at the end of 6 months in one payment with interest.

(a)
(b)

a) Interest \$ 298.12
b)Maturity value \$ 16,198.12

a:
\$15,900 × 0.0375 ×6/12 =\$298.13

b:
MV = P + I
= \$15,900 + \$298.13
= \$16,198.13

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