You get a $3,000 loan at 9% interest for 120 days. The lender uses a 365-day year. How much will you owe on the maturity date?

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Lailah Boyer

Mathematics

16 May, 18:00

You get a $3,000 loan at 9% interest for 120 days. The lender uses a 365-day year. How much will you owe on the maturity date?

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Simba · Answer 1

First step you have to is first your interest rate of the first one which is 130.8 all I did was covert 9% into a decimal which is. 09 then I multiply it by 120 which was 10.8 then I added that by 120 after that you will add 365 by 120 which is 485 and you do all the steps I told you which will give you 528.65