Cortland57 Cortland57
  • 26-03-2018
  • Mathematics
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Dontice Thomas obtained a single-payment loan of $21,400 to purchase a diamond necklace and bracelet set. She agreed to repay the loan in 120 days at an ordinary interest rate of 8.5%. What is the maturity value of her loan?

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879843
879843 879843
  • 26-03-2018
I believe the answer is $23,219. 8.5% of 21,400 is $1,819. 1,189 + 21,400, is 23,219.
Hope this helps!:)
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