Kelly O’Brien met Jody Jansen (Problem 10–16) at Sunshine Bank and suggested she consider the loan on exact interest. Recalculate the loan for Jody under this assumption.
Reference problem 10-16: On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan onJanuary 27. Assume the loan is on ordinary interest. What interest will Jody owe on January 27? What is the totalamount Jody must repay at maturity?
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