Macmillan LearningAssume that a three-month CD purchased for $1900 pays simple interest at an annual rate of 7%. How much total interest does itearn? What is the balance at maturity?(Enter your answers rounded to the nearest cent.)earned interest: $balance at maturity: $B

Interest Revenue - Interest is the amount earned on investment made. It is the form of revenue to…

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Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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Macmillan Learning a Assume that a three-month CD purchased for $1900 pays simple interest at an annual rate of 7%. How much total interest does it earn? What is the balance at maturity? (Enter your answers rounded to the nearest cent.) earned interest: $ balance at maturity: S