claraesson8074 claraesson8074

21-05-2020
Mathematics

contestada

What is the maturity value of a single-

payment loan of $650 given for 80 days at

15% exact interest?

A $685.39

B $671.37

C $652.37

D $670.36

Respuesta :

Newton9022 Newton9022

22-05-2020

Answer:

(B)$671.37

Step-by-step explanation:

Interest Rate, r=15%=0.15

Time, t = [tex]\dfrac{80}{365}[/tex]

Maturity Value at exact interest, S=P(1+rt)

[tex]=\$650 \left (1+0.15*\dfrac{80}{365}\right)\\\\=\$671.37[/tex]

The correct option is B.

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