Answer to Question #20999 in Math for kailyn

Question #20999

Isaac's bank granted him a single-payment loan of $2500 for 90 days at 10 percent ordinary interest. What is the maturity value of the loan?

Expert's answer

As this is ordinary interest, and if the rate is 10% per 90 days, then maturity value of the loan is:
2500*(1+0.1)=2750 $

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