business math

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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

  • business math -

    I = PRT

    I = 1,700 * 0.125 * 0.0904

    I = 19.21

  • business math -

    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

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