Chuck Widle Borrowed $2,340 from the National Bank on May $9 \frac { 1 } { 2 } \%$

question 83

Short Answer

Chuck Widle borrowed $2,340 from the National Bank on May 12 and repaid the loan on November 12. The bank charged $9 \frac { 1 } { 2 } \%$ simple interest, calculated by the exact interest method. What was the maturity value of the loan? (Round to the nearest cent)

Acknowledge the evolving standards of corrections, including written ethical guidelines for correctional officers.

Understand the U.S. Supreme Court decisions that have shaped prison policies and inmate rights.

Recognize the challenges and issues related to prison administration, including underreporting of inmate abuse.

Learn about different policy approaches to specific inmate groups and conditions within the prison system.

---

Definitions:

Zero Coupon Bond

A type of bond that does not pay periodic interest payments and is instead sold at a discount from its face value and matures at that face value.

Market Interest Rate

The prevailing rate of interest being offered on deposits and loans in the market, influencing how much borrowers pay and lenders earn.

Yield to Maturity

Yield to Maturity (YTM) is the total return anticipated on a bond if the bond is held until the date it matures, accounting for interest payments and principal recovery.

Par Value

The face value of a bond or stock as stated by the issuing company, not necessarily its market value.