SOLUTION: 1. To buy a laptop, Susan receives a $2000 loan at a 6.5% annual interest rate on January 10. The loan is due May 15. The year is not a leap year. Round the answers to the nearest
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Question 332874: 1. To buy a laptop, Susan receives a $2000 loan at a 6.5% annual interest rate on January 10. The loan is due May 15. The year is not a leap year. Round the answers to the nearest cent (nearest hundredths)
a) Find the ordinary interest that Susan will pay for the loan.
b) Find the maturity value, MV for the loan.
2. Maryam pays $3000 on the 30th day of a $7,000, 120-day, and 8% loan.
What is the adjusted principal after the partial payment is made if ordinary interest is applied?
a. What is the adjusted principal after the partial payment is made if ordinary interest is applied?
b.What is the adjusted balance due at maturity? (5 points)
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