What is the due date of a 90 day loan made on March 12? What is...
- What is the due date of a 90 day loan made on March 12?
- What is the interest rate on a loan of $51,500 for 3 months that yields $880.00 interest?
- What is the maturity value of $7,500 at 8% for 39 weeks?
Homework Answers
Answer to Part
a.
Loan date = March 12
Time = 90 days
Maturity date = 19 days (March 13 to March 31) + 30 days (April)
+ 31 days (May) + 10 days (June)
Maturity date = June 10
Answer to Part
b.
Loan amount = $51,500
Interest = $880.00
Time = 3 months
Interest = Loan amount * Rate * Time
$880.00 = $51,500 * Rate * 3/12
$880.00 = $12,875 * Rate
Rate = $880.00 / $12,875
Rate = 0.0683 or 6.83%
Interest rate on loan = 6.83%
Answer to Part
c.
Principal Value = $7,500
Rate = 8%
Time = 39 weeks
Interest = Principal * Rate * Time
Interest = $7,500 * 8% * 39/52
Interest = $450
Maturity Value = Principal + Interest
Maturity Value = $7,500 + $450
Maturity Value = $7,950
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