Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I got the exact time right. I got interest to be 42.90 and maturity value to be 1542.90 and it says both of those are

I got the exact time right. I got interest to be 42.90 and maturity value to be 1542.90 and it says both of those are wrong. I have followed the steps given to me from two different sources and not sure what I am doing wrong. I did Principal*Rate*Time which was 1500*.06*174/365 and got 42.90image text in transcribed

Drill Problem 10-6 (Algo) [LU 10-1 (2)] Complete the following using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value to the nearest cent.) Interest Maturity value Principal $ 1,500 Interest rate 6% Date borrowed July 25 Date repaid Jan. 15 Exact time 174

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance A Quantitative Introduction Volume 1

Authors: Piotr Staszkiewicz, Lucia Staszkiewicz

1st Edition

0128015845, 978-0128015841

More Books

Students also viewed these Finance questions