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On September 12, Jody Jansen went to Sunshine Bank to borrow $4,300 at 9% interest. Jody plans to repay the loan on January 27. Assume
On September 12, Jody Jansen went to Sunshine Bank to borrow $4,300 at 9% interest. Jody plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use Days in a year table.)
a. | What interest will Jody owe on January 27? (Do not round intermediate calculations. Round your answer to the nearest cent.) |
Interest | $ |
b. | What is the total amount Jody must repay at maturity? (Do not round intermediate calculations.Round your answer to the nearest cent.) |
Maturity value | $ |
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