Asked by Anonymous

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

Answered by Ms. Sue
I = PRT

I = 1,700 * 0.125 * 0.0904

I = 19.21

Answered by jd
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