Question

Complete the following using exact interest. (Use Days in a vear table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value to the nearest cent.) Exact time Interest Maturity value Principal $ 1,200 Interest rate 12% Date borrowed Date repaid July 7 Jan 10

Answer 1

Principal	Interest rate	Date borrowed	Date repaid	Exact time	Interest	Maturity Value
$                1,200	12%	Jul-07	Jan-10	187	$ 73.78	$          1,273.78
Workings:
Exact time:
Month	Number of Days
July	24
August	31
September	30
October	31
November	30
December	31
January	10
Total	187
Interest	=	$1200 X 12% X 187/365
	=	$                 73.78
Maturity Value	=	$1200 + $73.78
	=	$           1,273.78

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Answer 2

Exact time - 187; Interest; 74.80; MV-1,274.80