Question

María Rodriquez Single-payment loan of $1,000 Interest rate of 7% Ordinary interest for 108 days What is the interest owed? What is the maturity value?

Answer 1

Answer:

$1,020.71

Step-by-step explanation:

Solving the equation:

A = 1000(1 + (0.07 × 0.29589)) = 1020.7123

A = $1,020.71