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On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27 .
On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27 . Kelly O'Brien met Jody Jansen at Sunshine Bank and suggested she consider the loan on exact interest. (Use Days in a year table.) a. What will be the maturity value that Jody will owe on January 27 , assuming exact interest? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Loan for Jody b. How much will Jody save in interest with the exact interest method, as opposed to if the ordinary interest method had been used instead? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Interest saved
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