1. Mr. Route'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. Joan Dumas obtained a single-payment loan of $420 to pay a repair bill. She agreed to repay the loan in 90 days at an interest rate of 6.25% ordinary interest. a) What is the ordinary interest? b) What is the maturity value of the loan? 3. You have a chance to lend $6,500 at 5.25% interest for 95 days. a) If you charge ordinary interest, how much will you earn? b) If you charge exact interest, how much will you earn? c) If you were borrowing the money, would you prefer to pay ordinary interest or exact interest? Why