kevin stewart borrowed $23,100 from Martingale state bank for 8 months. Assuming the bank charges Kevin 6% annually for this loan, calculate the following. ( round your responses to the nearest cent if necessary.)
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6% of $23,100 is= $23,100 *6/100 = 13861386 is for annualfor month =1386/12 =115.5for 8 months =924
kevin stewart will pay 24024$ after 8 months.............
so what would be the interest and what would be the maturity value?
924 this would be interest 24024$ is maturity value
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