Asked by Ashley
On May 23, Samantha Best borrowed $40,000 from the Tri City Credit Union at 13% for 160 days. The credit union uses the exact interest method. What was the amount of interest on the loan?
Using the scenario from the previous question, calculate the maturity value of the loan.
What is the maturity date of Samantha Best’s loan?
Using the scenario from the previous question, calculate the maturity value of the loan.
What is the maturity date of Samantha Best’s loan?
Answers
Answered by
Henry
a. I = Po*r*t
I=40,000*(0.13/365days)*160days = $2279.45
b. 40,000 + 2279.45 = $42,279.45
c. October 30.
I=40,000*(0.13/365days)*160days = $2279.45
b. 40,000 + 2279.45 = $42,279.45
c. October 30.
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