Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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What is the maturity date of a loan for $9,000 at 15% exact interest taken
out on June 4? The amount of interest on the loan was $270.
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Transcribed Image Text:What is the maturity date of a loan for $9,000 at 15% exact interest taken out on June 4? The amount of interest on the loan was $270. --Select---
Expert Solution
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Step 1

Given:

Principal amount =$9000Interest rate =15%

Loan taken on June 4

Interest on loan per annum =$9000×15100=$1350Interest on loan per day =$1350365

 

 

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