Calculate the maturity value of a simple interest, 9-month loan of $8,000 if the annual interest rate is 6.1%.
Question
Solution 1
Sure, here are the steps to calculate the maturity value of a simple interest loan:
Step 1: Convert the annual interest rate from a percentage to a decimal. 6.1% = 0.061
Step 2: Convert the time period of the loan from months to years. 9 months = 9/12 = 0.75 years
Step 3: Calculate the interest Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI
Similar Questions
Calculate the maturity value of the simple interest loan. (Round your answer to two decimal places.)P = $15,000, r = 8.3%, t = 8 months
An amount of $18,000 is borrowed for 9 years at 5.5% interest, compounded annually. Assuming that no payments are made, find the amount owed after 9 years.
Loan $8,000,000.00 payout 10 years interest rate 10% what will be the annual payment?
The simple interest on $15 000 for 9 years is $6 750. Calculate the rate percent per annum.
A couple paid back $10,000 for an $8,500 loan. What was the maturity value of the loan?
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.