danielledumas600
danielledumas600 danielledumas600
  • 03-02-2020
  • Mathematics
contestada

carrie Houghtalings bank granted her a single-paymenr loan of $4000 for 80 days at 11 percent ordinary interest. what is the maturity value of the loan​

Respuesta :

rahulnair123437 rahulnair123437
  • 09-02-2020

Maturity Value of the loan is $4096.44

Step-by-step explanation:

Step 1 :

Formula for ordinary interest  = p*n*r/100

where p = principal, n = number of years and r = rate of interest.

Step 2 :

Given p = $4000 , n = 80 days = 80/365 year , r = 11%

Therefore interest = p*n*r/100 = (4000*80*11)/(365*100) = $96.44

Ordinary interest = $96.44

Step 3 :

Maturity Value  = principal  + interest  = 4000 +96.44 = $4096.44

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