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dexar [7]
3 years ago
7

Duerr Company makes a $79,000, 30-day, 12% cash loan to Ryan Co. The note and interest to be collected at maturity is:

Business
1 answer:
anzhelika [568]3 years ago
5 0

Answer:

The maturity value is "$79790".

Explanation:

The given values are:

Principal

= $79,000

Time

= 30/360

Rate

= 12%

The interest on the cash loan to Ryan and Co will be:

= 79000\times 12 \ percent\times \frac{30}{360}

= 790 ($)

Maturity value

= Principal\times (1+rate\times time)

= 79000\times (1+(12 \ percent\times \frac{30}{360} )

= 79000\times 1.0100

= 79790

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