carrie Houghtalings bank granted her a single-paymenr loan of $4000 for 80 days at 11 percent ordinary interest. what is the maturity value of the loan

Maturity Value of the loan is $4096.44

Step-by-step explanation:

Step 1:

Formula for ordinary interest = p*n*r/100

where p = principal, n = number of years and r = rate of interest.

Step 2:

Given p = $4000, n = 80 days = 80/365 year, r = 11%

Therefore interest = p*n*r/100 = (4000*80*11) / (365*100) = $96.44

Ordinary interest = $96.44

Step 3:

Maturity Value = principal + interest = 4000 + 96.44 = $4096.44