Question

1. To buy a laptop, Susan receives a $2000 loan at a 6.5% annual interest rate on January 10. The loan is due May 15. The year is not a leap year. Round the answers to the nearest cent (nearest hundredths)

a) Find the ordinary interest that Susan will pay for the loan.



b) Find the maturity value, MV for the loan.

Answer 1

(360 days used)
a)45.14
b)2045.14

(365 days used)
a)44.52
b)2044.52