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2. For the following questions please find the missing information: a. Mitch borrowed $22,000 at 5.2% simple interest for 9 months. What is the maturity

2. For the following questions please find the missing information:

a. Mitch borrowed $22,000 at 5.2% simple interest for 9 months. What is the maturity value of the loan?

Maturity value___________?

b. Ryan took out a simple interest loan for $8,000 for 60 days. The bank uses the exact method for calculating interest and the maturity value was $8085.48. What rate of interest did the bank charge Ryan?

Rate of interest__________?

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