Colleen ellis bank granted her a single-payment loan of 5000 for 90 days at 9 percent ordinary interest. what is the maturity value of the loan a. 5,112.50 b. 5,692.00 c. 5,872.10 d. 5,150.00

Maturity value of the loan is 5,112.50

Step-by-step explanation:

Ordinary interest is calculated on a basis of 360 days, so that time in 90 days would give;

= 0.25

Principal = 5000

rate = 9%

time = 0.25

I =

where I is the ordinary interest

=

= 112.5

I = 112.5

the matured value of the loan is P + I

= 5000 + 112.5

= 5112.5

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btw in my country we just have sun and rain as (because i live in the caribbean lol)

also, thx a lot for the points : )