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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 va…

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 va…
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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?

asked
User Looshi
by
7.9k points

1 Answer

7 votes

Answer:

interest owned = PTR/100

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

maturity value = 5955+59.96=6054.96

Explanation:

answered
User Kit Sunde
by
7.9k points
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