********************* On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27, Assume the loan is on ordinary interest. (Use Days in a year table) ***** a. What interest will Jody owe on January 27? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Interest b. What is the total amount Jody must repay at maturity? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Maturity value
********************* On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27, Assume the loan is on ordinary interest. (Use Days in a year table) ***** a. What interest will Jody owe on January 27? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Interest b. What is the total amount Jody must repay at maturity? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Maturity value
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:TABLE 7.1
Exact days-in-a-year calendar (excluding leap year)*
Day of
month
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
31 January 28 February
1
32
2
33
3
34
4
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
31 March
60
61
62
انتا
63
64
65
66
67
68
69
70
71
72
73
74
75
76
7.7
78
30 April
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
31 May
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
30 June
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
31 July
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
31 August 30 September 31 October 30 November 31 December
213
244
274
305
214
245
275
306
215
246
276
307
216
247
277
308
217
248
278
309
218
249
279
310
219
250
280
311
220
251
281
312
221
252
282
313
253
283
314
254
284
315
285
316
286
317
287
318
288
319
289
320
290
321
291
322
292
323
222
223
224
225
226
227
228
229
230
231
255
256
257
258
259
260
261
262
335
336
337
338
339
340
341
342
343
344
353
345
346
347
348
349
350
351
352
Transcribed Image Text:On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27,
Assume the loan is on ordinary interest. (Use Days in a year table)
a. What interest will Jody owe on January 27?
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
Interest
b. What is the total amount Jody must repay at maturity?
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
Maturity value
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