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 StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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