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30-08-2016
Mathematics

Answered

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?

Verified Answer :

30-08-2016

interest= principleratetime/100
(20007%108/365)/100=41.424
total interest is 41.424. and maturity value is 2000+41.424=2041.424

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