Find the maturity value of a simple interest loan of $4,600 taken at 6.75% for a...

Question

Question

Find the maturity value of a simple interest loan of $4,600 taken at 6.75% for a duration of 49 weeks. please show work. Thank you

Answer 1

Answer #1

Simple interest=Principal*Interest rate*Time period

=4600*6.75%*(49/52)[There are 52 weeks in a year]

=292.59

Maturity value=Principal+Simple interest

=4600+292.59

=$4892.59(Approx)

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Answer 2

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