Answered

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Complete the following, using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.)
principal 1,000 interest rate 8% Date borrowed March 8 Date repaid June 9

Exact time? interest? Maturity value?

Sagot :

The exact time is 93 days

The interest is  $20.38

The maturity value is  $1020.38

What is the interest and the maturity value?

The interest is a function of the time, amount borrowed and the interest rate.

Interest = amount borrowed x time x interest rate

Time = June 9 - March 8 = 93 days

1000 x 0.08 x (93/365) = $20.38

Maturity value = 1000 + 20.38 = $1020.38

To learn more about interest, please check: https://brainly.com/question/26164549

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