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19 July, 03:04

Terry bergolt bank granted him a single payment loan of $4,400 at an intreats rate of 6% exact interest. The term of the loan is 172 days what is the exact interest? what is the maturity of the loan?

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  1. 19 July, 05:59
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    Step-by-step explanation:

    We would apply the formula for determining simple interest which is expressed as

    I = PRT/100

    Where

    P represents the principal

    R represents interest rate

    T represents time in years

    I = interest after t years

    From the information given

    T = 172 days = 172/365 = 0.47 years

    P = $4400

    R = 6%

    Therefore

    I = (4400 * 6 * 0.47) / 100

    I = 12408/100

    I = $124.08

    The maturity of the loan would be

    4400 + 124.08 = $4524.08
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Home » Mathematics » Terry bergolt bank granted him a single payment loan of $4,400 at an intreats rate of 6% exact interest. The term of the loan is 172 days what is the exact interest? what is the maturity of the loan?
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