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
Question
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
🧐 Not the exact question you are looking for?Go ask a question
Solution 1
To calculate the maturity value of a simple interest loan, you can use the formula:
I = P * r * t
where:
- I is the interest,
- P is the principal amount (the initial amount of money),
- r is the annual interest rate (in decimal form), and
- t is the time the money is invested or borrowed for, in 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.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
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
Calculate the simple interest earned. Round to the nearest cent.P = $9080, r = 5.00%, t = 4 months
Calculate the simple interest earned. Round to the nearest cent.P = $2300, r = 5.3%, t = 6 months
Calculate the simple interest earned. Round to the nearest cent.P = $2000, r = 5.1%, t = 20 days
Calculate the maturity value of a simple interest, 9-month loan of $8,000 if the annual interest rate is 6.1%.
1/3