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What is the maturity value of a $60,000 loan, for 100 days, at 12.2% interest, using the exact interest method? Principal = Rate = Time (days) = Maturity value =

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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Question

What is the maturity value of a $60,000 loan, for 100 days, at 12.2% interest, using
the exact interest method?
Principal =
Rate 3D
Time (days)=
Maturity value =

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