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25 December, 07:40

Terry Bergolt's bank granted him a single-payment loan of $4,400 at an interest rate of 6% exact interest. The term of the loan is 172 days.

A. What is the exact interest?

B. What is the maturity value of the loan?

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Answers (2)
  1. 25 December, 08:09
    0
    I=4,400*0.06 * (172:365) = 124.41

    Maturity value=4,524.41
  2. 25 December, 10:35
    0
    The correct answer is (b)
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