On April 13, Michelle Lizaro borrowed $3,000 from her credit union at 9% for 100 days. The credit union uses the ordinary interest method.
What is the amount (in $) of interest on the loan?
$
What is the maturity value (in $) of the loan?
$
What is the maturity date of the loan?
a. I = Po*r*T = 3000*0.09*(100/360) =
b. P = Po + I = 3000 + I.
c. July 23rd.