Okay so I'm in online school and I can't figure out this problem. I've gotten multiple answers and it says none of them are right. Can someone explain it to me?
Marina Guzmon’s bank granted her a single-payment loan of $3,250 to pay a repair bill. She agreed to repay the loan in 31 days at an ordinary interest rate of 11.75%. What is the maturity value of the loan?
So I figured out Ordinary interest which is:
Ordinary interest= $3,250x0.1175x.086
Ordinary interest= $32.76

Then I did the maturity value:
maturity value= $3,250+$32.76
maturity value= $3,282.76
It says it's wrong.. Help!

Question

Okay so I'm in online school and I can't figure out this problem. I've gotten multiple answers and it says none of them are right. Can someone explain it to me?
Marina Guzmon’s bank granted her a single-payment loan of $3,250 to pay a repair bill. She agreed to repay the loan in 31 days at an ordinary interest rate of 11.75%. What is the maturity value of the loan?
So I figured out Ordinary interest which is:
Ordinary interest= $3,250x0.1175x.086
Ordinary interest= $32.76

Then I did the maturity value:
maturity value= $3,250+$32.76
maturity value= $3,282.76
It says it's wrong.. Help!