María Rodriquez Single-payment loan of $1,000 Interest rate of 7% Ordinary interest for 108 days What is the interest owed? What is the maturity value?

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asked Jun 20, 2022 5.1k views

4 votes

María Rodriquez Single-payment loan of $1,000 Interest rate of 7% Ordinary interest for 108 days What is the interest owed? What is the maturity value?

Mathematics
high-school

Student Jack asked

by Student Jack

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1 Answer

5 votes

Answer:

$1,020.71

Explanation:

Solving the equation:

A = 1000(1 + (0.07 × 0.29589)) = 1020.7123

A = $1,020.71

Keyur Panchal answered Jun 25, 2022

by Keyur Panchal

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