Post a New Question

Business Math

posted by .

On September 14, Jennifer Rick went to Park Bank to borrow $2,500 at 11.75% interest. Jennifer plans to repay the loan on January 27. What interest will Jennifer owe on January 27? What is the total amount Jennifer must repay at maturity?

  • Business Math -

    I = Po*(r/360)*d
    I = 2500*(0.1175/360)*136days = $110.97

    AMT. = 2500 + 110.97 = $2610.97

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

More Related Questions

Post a New Question