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Jin met pat on september 8 at queen bank. After talking with pat jin decided she would like to consider a 9000 $ loan

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Jin would need to pay $10060.25 at maturity.

Principal amount (loan amount), P: $9000

Annual interest rate (r): 10.5% (expressed as a decimal, 0.105)

Time (t): From September 8 to February 17 of the next year, which is 1 year + 5/12 of a year (since there are 12 months in a year)

Interest = Principal x Rate x Time

Interest = $9,000 x 10.5% x 162 days / 365 days/year

Interest = $1060.25

Total amount due = Loan amount + Interest

Total amount due = $9,000 + $1060.25

Total amount due = $10060.25

Therefore, Jin would need to pay $10060.25 at maturity.

Jin met Pat on September 8 at Queen Bank. After talking with Pat, Jin decided she would like to consider a $9000 loan at 10.5% to be repaid on February 17 of the next year on exact interest. Calculate the amount that Jin would pay at maturity under this assumption.

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