what will be the interest and maturity value of a 90-day note with a principal amount of $3,000 and 10% interest?
$3,074
$3,000
$74
$2,926

Question

what will be the interest and maturity value of a 90-day note with a principal amount of $3,000 and 10% interest? 
$3,074
$3,000
$74
$2,926

rissyroo118 · Answer

i think it is A) 3,000x0.010x90/365 =7.397260274+3,000= 3,007.397260274
rounds to being $3,074

rissyroo118 · Answer

@Ismaelcarrillo

rissyroo118 · Answer

@MrNood

rissyroo118 · Answer

@mathmate

scarlettfarra2000 · Answer

Have you tried solving this on your own?

rissyroo118 · Answer

@scarlettFerra2000 yes i did it up above^^^

mathmate · Answer

"i think it is A) 3,000x0.010x90/365 =7.397260274+3,000= 3,007.397260274
rounds to being $3,074"
The idea is good, but just missed the conversion of 10% to 0.010 instead of 0.10 as the correct value.
So the working is:
3000*(1+0.10*90/365)=3000+73.973=3074 approximately.

mathmate · Answer

@ScarlettFarra2000 
He did, in his first comment after posting the question.

rissyroo118 · Answer

so instead of 0.010 i should put 0.10 , when i do i still get the same answer so i believe the correct is A @mathmate

mathmate · Answer

As I put earlier, $3074 is the correct answer.
(note: I don't work with letters, because they are too easy to get swapped for the wrong one, and does not give the user a visual confirmation of the answer.  You will need to do the translation to letters if that's how you write your answer.)