Estimate the total amount jody must repay at maturity

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Reference no: EM131984160

On September 12, Jody Jansen went to Sunshine Bank to borrow $3,900 at 5% interest. Jody plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use Days in a year table.)

a. What interest will Jody owe on January 27? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Interest $

b. What is the total amount Jody must repay at maturity? (Do not round intermediate calculations.Round your answer to the nearest cent.)

Maturity value $

Reference no: EM131984160

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