Answer:
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;
[tex]\frac{90}{360}[/tex] = 0.25
Principal = 5000
rate = 9%
time = 0.25
I = [tex]\frac{PRT}{100}[/tex]
where I is the ordinary interest
= [tex]\frac{5000* 0.25*9}{100}[/tex]
= 112.5
I = 112.5
the matured value of the loan is P + I
= 5000 + 112.5
= 5112.5
