Complete the following, using ordinary interest. (Use Table 7.1)
Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.
\begin{tabular}{|c|r|c|c|r|r|r}
\hline \multicolumn{1}{|c|}{ Principal } & Interest rate & Date borrowed & Date repaid & Exact time & Interest & Maturity value \\
\hline$\$ 585$ & $9 \%$ & June 05 & December 15 & 193 & \\
\hline
\end{tabular}

Answer

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Answer

$\boxed{Interest = 28.24, Maturity Value = 613.24}$

Steps

Step 1 ：Convert the interest rate from percentage to decimal form: $R = 9\% = 0.09$

Step 2 ：Convert the time from days to years: $T = \frac{193}{360} = 0.5361$ years

Step 3 ：Calculate the interest using the formula $I = PRT$: $I = 585 * 0.09 * 0.5361 = 28.24$

Step 4 ：Calculate the maturity value by adding the principal and the interest: $Maturity Value = P + I = 585 + 28.24 = 613.24$

Step 5 ：$\boxed{Interest = 28.24, Maturity Value = 613.24}$