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What is the total amount jody must repay at maturity

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Reference no: EM131947948

On September 12, Jody Jansen went to Sunshine Bank to borrow $2,400 at 8% interest. Jody plans to repay the loan on January 27. Kelly O'Brien met Jody Jansen at Sunshine Bank and suggested she consider the loan on exact interest.

a. If ordinary interest is applied, what interest will Jody owe on January 27? (Do not round intermediate calculations.Round your answer to the nearest cent.)

Interest: $________

b. If exact interest is applied, what is the total amount Jody must repay at maturity? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Maturity Value: $_______

c. How much would she save in interest if she considers the loan on exact interest instead of ordinary interest? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Interest Saved: $________

Reference no: EM131947948

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