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2 years ago

15

Terry Bergolt's bank granted him a single-payment loan of $4,400 at an interest rate of 6% exact interest. The term of the loan

is 172 days.
A. What is the exact interest?
B. What is the maturity value of the loan?

2 answers:

Mashutka [201]2 years ago

6 0

The correct answer is (b)

svetoff [14.1K]2 years ago

3 0

I=4,400×0.06×(172÷365)=124.41
Maturity value=4,524.41

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