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Suppose you take out a loan for 120 days in the amount of $11,500 at 5.6% ordinary interest. (a) What is the amount of interest

Suppose you take out a loan for 120 days in the amount of $11,500 at 5.6% ordinary interest.

(a) What is the amount of interest on the loan?

(b) What is the maturity value of the loan?

(c) Suppose that instead of repaying your loan in full on the maturity date you decide to make a partial payment of $5,000 after 90 days. What is the final amount due?

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