What is the maturity date of a loan for $4,000 at 15% exact interest taken out on June 7? The amount of interest on the loan was $120.

The loan is due on August 18th

Explanation:

Simple interest is defined as the amount that is paid on a loan over a period of time. The interest is paid along with the principal in the course of loan tenure.

The formular for simple interest bis given as

Interest = principal * Interest rate * time

We are to calculate the loan duration and it was disbursed on June 7.

120 = 4,000 * 0.15 * time

Time = 120 / (4,000*0.15) = 0.2 years

Time = 0.2 * 365 days

Time = 73 days

Therefore the loan is due on August 18th