A boat leaves port traveling 22 mph. Then, 18 minutes later, a second boat leaves port traveling 28 mph on the same heading as t
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Answer:
$2647.13
$2648.08
Step-by-step explanation:
To solve for the value of each loan we will use the formula:
Let's break down the variables that we have.
P = $2,600
r = 7.25% or 0.0725
r2 = 7.50% or 0.0750
t = 90 days
Now since we're computing for two different types of interest, let's take it one at a time.
First the State Saving and Loan.
In this situation we are solving for ordinary interest, where we compute with the total number of days are 360
The maturity value of State Savings and Loan is $2,647.13.
Now let's move on to the Security bank.
The security bank charges 7.5% exact interest. For exact interest we use 365 days.
The maturity value of the Security bank is $2,648.08.