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Joanna is considering taking out a loan. She has a few options and wants to compare them. Her first option is a single payment loan of $5,000 for 250 days at an interest rate of…

Joanna is considering taking out a loan. She has a few options and wants to compare them. Her first option is a single payment loan of $5,000 for 250 days at an interest rate of…
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3 votes
Joanna is considering taking out a loan. She has a few options and wants to compare them. Her first option is a single payment loan of $5,000 for 250 days at an interest rate of 14%. The bank will charge ordinary interest. How much interest will she owe and what is the maturity value of the loan? Show all work.

asked
User Tbrisker
by
8.0k points

1 Answer

6 votes

Answer:

the value would be $1,250,000

Explanation:

answered
User Arepo
by
9.2k points
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