Answer:
August 18th
Step-by-step explanation:
What is the maturity date of a loan for $6000 at 15% exact interest taken out on June 7? Amount of interest is $180
We use the simple interest formula
Simple Interest = Principal × Rate × Time
Simple Interest = $180
Principal = $6000
Rate = 15% = 0.15
Time = ?
Time = Simple Interest/Principal × Rate
= $180/$6000 × 0.15
=180/900
=0.2 years
1 year = 12 months
0.2 year =
12 × 0.2
= 2.4 months
1 month = 30 days
2.4 months =
= 72 days
June 7 + 72 days = August 18
