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Complete the following, using ordinary interest. (Use the Days in a Year table.)

Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.

\begin{tabular}{|l|l|c|c|c|c|c|}
\hline Principal & Interest rate & Date borrowed & Date repaid & Exact time & Interest & Maturity value \\
\hline \$2,800 & 7\% & Mar. 09 & June 12 & & & \\
\hline
\end{tabular}


Sagot :

Sure, let's complete the table step-by-step with the given information:

1. Principal: [tex]$2,800 2. Interest rate: 7% 3. Date borrowed: March 9 4. Date repaid: June 12 5. Exact time: We need to calculate the exact number of days between March 9 and June 12. - First, we determine the number of days remaining in March after the 9th: - March: 31 days total - 9 days passed = 22 days remaining in March. - Days in the full months after March and before June: - April: 30 days - May: 31 days - Days in June up to the 12th: - June: 12 days - Therefore, the exact time is: \( 22 \text{ (days in March)} + 30 \text{ (days in April)} + 31 \text{ (days in May)} + 12 \text{ (days in June)} = 95 \text{ days} \). So, the exact time is 95 days. 6. Interest: Next, we calculate the interest using the ordinary interest method. - Formula: \( \text{Interest} = \text{Principal} \times \text{Interest Rate} \times \frac{\text{Exact Time}}{365} \) - Plug in the values: \( \text{Interest} = 2800 \times 0.07 \times \frac{95}{365} \) - Using precise calculations: \( \text{Interest} \approx 2800 \times 0.07 \times 0.26027 \approx 51.01 \) The interest, rounded to the nearest cent, is $[/tex]51.01.

7. Maturity value: This is the sum of the principal and the interest.
- Formula: [tex]\( \text{Maturity Value} = \text{Principal} + \text{Interest} \)[/tex]
- Calculation:
[tex]\( \text{Maturity Value} = 2800 + 51.01 \)[/tex]
[tex]\( \text{Maturity Value} = 2851.01 \)[/tex]

The maturity value, rounded to the nearest cent, is [tex]$2,851.01. So, the completed table is: \[ \begin{tabular}{|l|l|c|c|c|c|c|} \hline Principal & Interest rate & Date borrowed & Date repaid & Exact time & Interest & Maturity value \\ \hline \$[/tex] 2,800 & 7\% & Mar. 09 & June 12 & 95 & \[tex]$ 51.01 & \$[/tex] 2,851.01 \\
\hline
\end{tabular}
\]