Please write down the steps clearly as I understand how to do it and make sure y
ID: 3142555 • Letter: P
Question
Please write down the steps clearly as I understand how to do it and make sure your answer is correct. If you do hand write, please make it clear.
Complete the following, using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.)
Complete the following, using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.)
TABLE 7.1 ( TABLE 7.1Exact days-in-a-year calendar (excluding leap year)* Day of monthJan.Feb.Mar.Apr.MayJuneJuly Aug.Sept.Oct 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 Dec. 335 336 337 338 339 340 341 342 343 344 345 ov 182 183 184 185 186 187 188 189 190 305 306 307 308 309 152 213 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 122 123 124 61 154 155 156 157 215 216 217 218 219 220 221 62 95 311 312 127 128 129 130 131 132 97 100 101 102 103 104 105 106 159 160 161 162 163 164 165 166 167 10 42 193 194 195 196 224 347 348 349 350 13 13 72 225 134 227 16 75 136 320Explanation / Answer
Exact time = we will find values of exact day for July 7 and January 10. The difference is (365 - 188) + (10) = 187 days
Interest = 1200 * (187/365) * 12/100 = $73.78
Maturity Value = 1200 + 73.78 = $1273.78