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Pam Wedel borrowed $15,000 to pay for her child's education at Riverside Community College. Pam must repay the loan at the end of 8 months
Pam Wedel borrowed $15,000 to pay for her child's education at Riverside Community College. Pam must repay the loan at the end of 8 months in one payment with 441% interest. a. How much interest must Pam pay? (Do not round intermediate calculation. Round your answer to the nearest cent.) b. What is the maturity value? (Do not round intermediate calculation. Round your answer to the nearest cent.)
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