MoniqueZ215641 MoniqueZ215641
  • 03-11-2022
  • Mathematics
contestada

Calculate the maturity value of simple interest a seven months loan of $6,000 if the interest rate is 7.6%

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SamielY406894 SamielY406894
  • 03-11-2022

ANSWER

[tex]6266[/tex]

EXPLANATION

Given;

[tex]\begin{gathered} p=6000 \\ R=7.6\% \\ T=\frac{7}{12} \end{gathered}[/tex]

Now using the formula for simple interest

[tex]I=\frac{PRT}{100}[/tex]

substituting the values we have;

[tex]\begin{gathered} I=\frac{6000\times7.6\times7}{100\times12} \\ =266 \end{gathered}[/tex]

Now the interest after 7 months would be

[tex]266[/tex]

The maturity value is

[tex]\begin{gathered} P+I \\ =6000+266 \\ =6266 \end{gathered}[/tex]

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