Kelly O’Brien met Jody Jansen at Sunshine Bank and suggested she consider a loan on exact interest. Recalculate the loan for Jody under this assumption. Jody Jansen went to Sunshine Bank on: 9/12/2020 She borrowed: $ 2,300.00 Her interest rate was: 0.09 Date the money borrowed is due: 1/27/2021 Previous interest was: 78.78 Required: Complete the following using the information above and exact interest: How many days is Jody Jansen borrowing this money for? Assume the loan is on exact interest. What interest will Jody owe on January 27? What is the total amount Jody must repay at maturity How much would she save in interest?
Kelly O’Brien met Jody Jansen at Sunshine Bank and suggested she consider a loan on exact interest. Recalculate the loan for Jody under this assumption. Jody Jansen went to Sunshine Bank on: 9/12/2020 She borrowed: $ 2,300.00 Her interest rate was: 0.09 Date the money borrowed is due: 1/27/2021 Previous interest was: 78.78 Required: Complete the following using the information above and exact interest: How many days is Jody Jansen borrowing this money for? Assume the loan is on exact interest. What interest will Jody owe on January 27? What is the total amount Jody must repay at maturity How much would she save in interest?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Kelly O’Brien met Jody Jansen at Sunshine Bank and suggested she consider a loan on exact interest. Recalculate the loan for Jody under this assumption.
| Jody Jansen went to Sunshine Bank on: | 9/12/2020 |
|---|---|
| She borrowed: | $ 2,300.00 |
| Her interest rate was: | 0.09 |
| Date the money borrowed is due: | 1/27/2021 |
| Previous interest was: | 78.78 |
Required:
Complete the following using the information above and exact interest:
- How many days is Jody Jansen borrowing this money for?
- Assume the loan is on exact interest. What interest will Jody owe on January 27?
- What is the total amount Jody must repay at maturity
- How much would she save in interest?
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