On September 14, Jennifer Rick went to Park Bank to borrow $2,500 at 1134% interest. Jennifer plans to repay the loan on January 27. Steven Linden met Jennifer Rick at Park Bank and suggested she consider the loan on exact interest. Calculate the loan for Jennifer under this assumption.

$2,608.65

Explanation:

The computation of the loan amount is shown below:

But before that first we have to determine the interest which is

= Principal × rate of interest × number of days ÷ total number of days in a year

= $2,500 × 11.75% × 135 days ÷ 365 days

= $108.65

The rate of interest given is 11

And, the 135 days is from Sept 14 to Jan 27

So, the total amount paid is

= $108.65 + $2,500

= $2,608.65

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