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!

Hey! We 've verified this expert answer for you, click below to unlock the details :)

I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!

Looking for something else?

Not the answer you are looking for? Search for more explanations.