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On September 12, Jody Jansen went to Sunshine Bank to borrow $2,100 at 6% interest. Jody plans to repay the loan on January 27. Assume
On September 12, Jody Jansen went to Sunshine Bank to borrow $2,100 at 6% 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 ordinary interest will Jody owe on January 27? (Do not round intermediate calculations. Round your answers to the nearest cent.
Days in year 1: Days in year 2" Total days: |
Calculate I= Principal x Rate x Time = Interest
b. | What is the total amount Jody must pay at maturity? |
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