posted by .

Using the exact interest method (365 days), find the amount of interest on the following loan

Principal

Rate (%)

Time (days)

Exact Interest

\$1,700

12½ %

33

I = PRT

I = 1,700 * 0.125 * 0.0904

I = 19.21

What is the maturity value of the following loan? Use MV = P(1 + RT) to find the maturity.

Principal

Rate (%)

Time

Maturity Value

\$120,740

11¾ %

7 months

Similar Questions

1. math

the total amount of interest on this loan of \$6000 for 150 days is \$210.50. what is the rate of interest on this loan?
2. math

The total amount of interest on a loan of \$6,000 for 150 days is 210.50.Using the ordinary interest method,what is the rate of interest on this loan?

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: Answer: \$24,068.10 Ordinary interest is 360 March …
4. math

The total amount of interest on a loan of \$6,000 for 150 days is \$210.50. Using the ordinary interest method, what is the rate of interest on this loan?
5. Math

Find the amount of the principal on a loan at 6% interest for 274 days if the interest was \$68.50, using the ordinary interest method.

using the exact interest method 365 days, find the amount of interest on the following loans, principal is \$1,700, the rate is 121/2 percent, time days is 33. what is the exact interest
7. math

The total amount of interest on a loan of \$6,000 for 150 days is \$210.50. Using the ordinary interest method, what is the rate of interest on this loan?