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Lakber Mand Lakber Mand
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Posts: 4
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2 years ago
Jane Clark borrowed some money from her bank. after 159 days,she paid a maturity value of $11,626, which included interest of $814. find the interest rate on her loan.
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wrote...
Subject Expert
Educator
2 years ago
See if this works. If not, let me know.


Lakber M. Author
wrote...
2 years ago
The choices are
A. 10.9%
B. 12.0%
C. 10.6%
D. 11.1%
wrote...
Subject Expert
Educator
2 years ago
I don't know, I used the formula:

maturity value=principle value(1+r365)t

principle: $11,626 - $814 = $10,812

maturity: $11,626

Do you have a similar example I can follow?
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