Ask Question
BusinessBusiness
4 May, 13:28

What is the maturity date of a loan for $4,000 at 15% exact interest taken out on June 7? The amount of interest on the loan was $120.

+4
Answers (1)
  1. 4 May, 16:21
    0
    The loan is due on August 18th

    Explanation:

    Simple interest is defined as the amount that is paid on a loan over a period of time. The interest is paid along with the principal in the course of loan tenure.

    The formular for simple interest bis given as

    Interest = principal * Interest rate * time

    We are to calculate the loan duration and it was disbursed on June 7.

    120 = 4,000 * 0.15 * time

    Time = 120 / (4,000*0.15) = 0.2 years

    Time = 0.2 * 365 days

    Time = 73 days

    Therefore the loan is due on August 18th
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “What is the maturity date of a loan for $4,000 at 15% exact interest taken out on June 7? The amount of interest on the loan was $120. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Manufactured goods needed to produce other goods and services are called
Answers (1)
Pizza Shop sells toaster ovens with a one-year warranty to fix any defects. For the current year, 100 toaster ovens have been sold. By the end of the year 4 ovens have been fixed for an average of $80 each.
Answers (1)
Trade between which of the following two countries would face the least business restrictions? A. Trade between Canada and the United States B. Trade between two EU countries C. Trade between Canada and Mexico D. Trade between China and Kazakhstan
Answers (1)
Preparedness does not have to be complex or overly time consuming. rather, it should motivate, empower, and engage the whole community. a. true b. false
Answers (1)
Suppose New York wants to build a new facility to replace Madison Square Garden. Assume that the cost of building a new arena in midtown Manhattan is $2 billion and that all the costs occur right away.
Answers (1)
New Questions in Business
Mars inc., a manufacturer of cat food in texas, places an ad in a publication aimed at veterinarians. the ad explains why they should recommend mars's cat food to the owners of the cats they treat.
Answers (1)
Joe and his team are working to develop a new product. They have been given a fixed budget and a rough estimate of the time left until the product must hit the market.
Answers (1)
Isabella is a security support manager for a large enterprise. in a recent meeting, she was asked which of the standard networking devices already present on the network could be configured to supplement the specific network security hardware
Answers (1)
If a country on a fixed exchange rate regime finds its currency falling:
Answers (1)
What are the three types of television programming
Answers (1)
Home » Business » What is the maturity date of a loan for $4,000 at 15% exact interest taken out on June 7? The amount of interest on the loan was $120.
Sign Up Forgot Password?