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.