Amy Koy met Pat Quin on September 8 at Queen Bank. After talking with Pat, Amy decided she would like to consider a $9,000 loan at 10 1/2 % to be repaid on February 17 of the next year on exact interest. Calculate the amount that Amy would pay at maturity under this assumption. Round all answers to the nearest cent.

1 answer

P = Po + Po*r*t.

P = 9000 + 9000*(0.105/365)*270.
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