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5. Find the amount (in $) of interest and the maturity value of the loans. Use the formula MV = P + I to find

5. Find the amount (in $) of interest and the maturity value of the loans. Use the formula MV = P + I to find the maturity value. (Round your answers to two decimal places.)

Principal Rate (%) Time Interest Maturity Value
$185,000

14

1
2
5 months $ _____ $ ______

6. Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan. (Round your answers to two decimal places.)

Principal Rate (%) Time (days) Exact Interest Ordinary Interest
$7,390 7 13 $ ______ $ ______

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