keionna

What is the maturity value of the following loan? Use MV = P(1 + RT) to find the maturity. Principal=$120,740, Rate=11¾ and Time= 7 months

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?

Alicia Eastman deposited $2,000 in a savings account at the Biltmore Bank paying 6% ordinary interest. How many years will it take for her investment to amount to $2,600?

Varsity Press, a publisher of college textbooks, received a $70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader’s Choice Bookstores. After 20 days, Varsity Press discounted the note at the Grove Isle Bank at a di...

What would be the compound amount after 19 years on an investment of $42,000 with an 11% interest rate compounded annually?