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:

Ordinary interest is 360
March 18 = 77 days
January 9 - 9 days

Interest = (P) Principal x (I) Rate x (T)Time

T = Exact number of days/360

Please show step by step. Thank you!

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1. okay, I figure how to solve my problem.

Principal: \$21,900
Interest Rate: 12%
Date borrowed: March 18 = 77 days
Date repaid: January 9 = 9 days

365 - 77 = 288 + 9 = 297 days
Interest = Prinicpal x Rate x Time
I = \$21,900 x .12 x 297/360
I = \$2,168.10

Maturity Value = Principal + Interest
MV = \$21,900 + \$2,168.10
MV = \$24,068.10

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2. Stephanie Venze signed a simple discount note for \$3400 for 120 days at a rate of 12%. Find (a) the proceeds and

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3. Stephanie Venze signed a simple discount note for \$3400 for 120 days at a rate of 12%. Find (a) the proceeds and (b) (b) the effective interest rate based on the proceeds received by Venze.

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