Question

anet borrowed $12,500. She signed a 200-day note on August 7 at 8% interest. Find the maturity value of the note. $555.56 $200,000 $13,055.56 $30,555.56

Answer 1

The formula is
A=p (1+r×t)
A maturity value?
P amount borrowed 12500
R interest rate 0.08
T time 200/360
A=12,500×(1+0.08×(200÷360))
A=13,055.56