Homework Answers
| Harold needs to pay the loan in lumpsum and thus on maturity it would pay principal plus interest on loan | |||||||
| a. | |||||||
| Calculation of interest Harold should pay | |||||||
| Interest amount | Loan amount*Interest rate*No of months loan outstanding | ||||||
| Interest amount | 15000*5.5%*9/12 | ||||||
| Interest amount | $618.75 | ||||||
| b. | |||||||
| Maturity value | Loan amount+Interest amount | ||||||
| Maturity value | 15000+618.75 | ||||||
| Maturity value | $15,618.75 | ||||||
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