• anonymous
Okay so I'm in online school and I can't figure out this problem. I've gotten multiple answers and it says none of them are right. Can someone explain it to me? Marina Guzmon’s bank granted her a single-payment loan of $3,250 to pay a repair bill. She agreed to repay the loan in 31 days at an ordinary interest rate of 11.75%. What is the maturity value of the loan? So I figured out Ordinary interest which is: Ordinary interest=$3,250x0.1175x.086 Ordinary interest= $32.76 Then I did the maturity value: maturity value=$3,250+$32.76 maturity value=$3,282.76 It says it's wrong.. Help!