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Answer to Question #20999 in Math for kailyn
Question #20999
Isaac's bank granted him a single-payment loan of $2500 for 90 days at 10 percent ordinary interest. What is the maturity value of the loan?
Expert's answer
As this is ordinary interest, and if the rate is 10% per 90 days, then maturity value of the loan is:
2500*(1+0.1)=2750 $
2500*(1+0.1)=2750 $
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