I = PRT
I = 1,700 * 0.125 * 0.0904
I = 19.21
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
2 answers
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
Principal
Rate (%)
Time
Maturity Value
$120,740
11¾ %
7 months
1 answer