A single-payment loan of $5,955. Interest rate of 8.75 percent. Days of ordinary interest: 42. Round to the nearest hundredth. What is the interest owed? What is the maturity value?

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asked May 21, 2021 137k views

1 vote

A single-payment loan of $5,955. Interest rate of 8.75 percent. Days of ordinary

interest: 42. Round to the nearest hundredth. What is the interest owed? What is the maturity value?

Mathematics
college

Looshi asked

by Looshi

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1 Answer

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Answer:

interest owned = PTR/100

= 5955*(42/365)*8.75/100 =59.96

maturity value = 5955+59.96=6054.96

Explanation:

Kit Sunde answered May 27, 2021

by Kit Sunde

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