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11 June, 14:18

Seman Samudhi obtained a $2,000 loan to purchase a computer. His interest rate is 7% ordinary interest for 108 days. How much interest does he owe and what is the maturity value of the loan?

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  1. 11 June, 15:20
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    Interest = principle*rate*time/100

    (2000*7%*108/365) / 100=41.424

    total interest is 41.424. and maturity value is 2000+41.424=2041.424
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