On April 5, 2017, Janeen Camoct took out an 11.25% loan for $35,000. The loan is...

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business finance

Answer 1

Answer #1

Amount of Loan	35000
Interest=	11.25%
Monthly rate = 11.25%/12=	0.009375

MOnth and Days from April 5 2017 to mar 9, 2018 =	11 months and 4 days
Ordinary Interest formula for 11 months interest = Amount of Loan * Interest rate per month * number of months
350000.00937511=	3609.375
for 4 days will be calculated by formula = amount of loan * interest rate per month * days/30
350000.0093754/30=	43.75
So Amount of interest owed is 3609.38+43.75=	$3,653.13

Total Amount payable on maturity = Amount of Loan + interest
$35,000.00 +$3,653.13
$38,653.13
So Amount repaid on maturity is $38,653.13

Answer 2

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