John Davis has a single payment loan for $7,500. The interest rate is 13% for 135 days, exact interest. What is the maturity value?
Mathematics · Middle School · Sun Jan 24 2021
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Answered on
Given :
Principal = $7,500
Rate = 13%
Time = 135 days or 135/365 year
Interest = (P × R × T)/100
= 7,500 × 13/100 × 135/365
= 360.61