Asked by Carleen
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?
Answers
Answered by
Henry
I = Po*(r/360)*d
I = 2500*(0.1175/360)*136days = $110.97
AMT. = 2500 + 110.97 = $2610.97
I = 2500*(0.1175/360)*136days = $110.97
AMT. = 2500 + 110.97 = $2610.97
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