Question

On September 12, Jody Jansen went to Sunshine Bank to borrow $200 at 6% interest Jody plans to repay the loan on January 27 A
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Answer #1

A: Days of loan = 18+31+30+31+27 = 137 days

Interest = Loan amount * Rate per day * Number of days

= 2100*6%/365 * 137

= $47.29

B: Amount to pay at maturity = Loan + Interest = 2100+ 47.29 = 2147.29

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