Find the Due date and maturity value for a $28,400 loan made to Henry Koolio on March 12 for 6 months at 9% interest.

Question

a. A total of $29,678 must be repaid on September 12.
b. total of $29,678 must be repaid on October 12.
c. A total of $1,278 must be repaid on September 12.
d. a total of $15,336 must be repaid on October 12.

Answer 1

I = PRT

I = 28,400 * 0.09 * 0.5

I = ?

Add the interest to the principal.

Answer 2

$1,278

Answer 3

Yes, That's the interest. But you have to add it to the principal.

Then decide which date is 6 months from March.