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Jolene Kendrick borrowed $24,000 for new computers for her software production company. Her bank granted her a single-payment loan of $24,000 for 144 days. Determine the maturity value to the nearest cent of the loan if the rate is 9% exact interest. Do not use comma in your answer.

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Answer:

248521.6

Explanation:

Given:

Amount borrowed, P = 240,000

Interest rate, R = 9% = 0.09

period, n = 144 days

The maturity value :

Since it is an exact interest, number of days, T in a years is 365

Using the formula :

A =

P(1 + RT)

A = 240000(1 + 0.09*(144/365))

A = 240000(1 + 0.0355068)

A = 240000(1.0355068)

A = 248521.64

A = 248521.6

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