You get a $3,000 loan at 9% interest for 120 days. The lender uses a 365-day year. How much will you owe on the maturity date?

$3,088.80  

Explanation:

Note that the loan is meant for 120days , however, the interest rate quoted is on an annual basis, hence, the interest for 120 days is 2.96%  ( 9%*120/365).

It is equally important to note that at maturity the loan principal and the interest accrued thus far for 120 days are repayable to the lender as computed below:

total repayment=$3000+($3000*2.96% )

total repayment=$3000+$88.80  

total repayment=$3,088.80  

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.

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