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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
| 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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