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Terry Bergolt's bank granted him a single-payment loan of $4,400 at an interest rate of 6% exact interest. The term of the loan is 172 days. A. What is the exact interest? B. What is the maturity value
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Terry Bergolt's bank granted him a single-payment loan of $4,400 at an interest rate of 6% exact interest. The term of the loan is 172 days.

A. What is the exact interest?
B. What is the maturity value of the loan?

User Venkat Teki
by
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2 Answers

5 votes
the correct answer is (b)
User WickyNilliams
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2 votes
I=4,400×0.06×(172÷365)=124.41
Maturity value=4,524.41
User Lawzlo
by
5.9k points
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