What is the maturity date of a loan for $6000 at 15% exact interest taken out on June 7? Amount of interest is $180

August 18th

Step-by-step explanation:

What is the maturity date of a loan for $6000 at 15% exact interest taken out on June 7? Amount of interest is $180

We use the simple interest formula

Simple Interest = Principal × Rate × Time

Simple Interest = $180

Principal = $6000

Rate = 15% = 0.15

Time = ?

Time = Simple Interest/Principal × Rate

= $180/$6000 × 0.15

=180/900

=0.2 years

1 year = 12 months

0.2 year =

12 × 0.2

= 2.4 months

1 month = 30 days

2.4 months =

= 72 days

June 7 + 72 days = August 18

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