Maturity Value & Interest Rate of Single-Payment Loan

______ ________ is interest on a loan calculated by basing the time of the loan on a 365-day year

• ordinary interest 
• exact interest
• maturity value 
• installment loan 

The _______ _______ is the total amount that must be repaid on a loan, including the principal borrowed and the interest owed

• ordinary interest 
• maturity value
• repayment schedule 
• principal 

_______ _______ is interest on a loan calculated by basing the time of the loan on a 360-day year

• maturity value 
• exact interest 
• ordinary interest
• promissory note 

The _______ is the amount of time for which a loan is granted before it has to be repaid

• term
• principal 
• amount financed 
• final payment 

A(n) ______ _______ ______ is a loan that has to be repaid with one payment after a specified period of time

• exact interest 
• installment loan 
• annual percentage rate 
• single payment loan

Thomas obtained a single-payment loan of $21,400 to purchase a diamond necklace. He agreed to repay the loan in 120 days at an ordinary interest rate of 8.5%. What is the maturity value of the loan?

• $20,019.31

• $22,006.33

• $23,301.05

• $23,926.33

Jodi obtained a single-payment loan of $1,600 and agreed to repay the loan in 120 days at an ordinary interest rate of 7.5%. What is the maturity value of her loan?

• $1,640

• $1,720

• $1,850

• $1,900

Alex's bank granted her a $10,000 single-payment loan for 200 days at 7% ordinary interest. At the end of the loan term, how much interest will she owe?

• $365.00

• $388.89

• $256.89

• $125.96

Sally's bank agreed to lend her $7,800 for 150 days at 7.5% exact interest rate. If this is a single- payment loan, how much interest will she owe?

• $240.41

• $340.00

• $255.89

• 235.96

Carl borrowed $3200. The bank granted him a single-payment loan of $3200 for 92 days at an ordinary interest rate of 8%. What is the maturity value of his loan?

• $3389.32

• $2436.23

• $3265.42

• $3456.36