Calculate the simple interest and the maturity value of each of the following loans. A. Principal=$2000,...
Calculate the simple interest and the maturity value of each of the following loans. A. Principal=$2000, Rate=7.2%, time =9 months B. Principal=$1500, rate=5.75%, time=6 months
Homework Answers
simple interest=Principal*Interest Rate*Time period
A:
simple interest=(2000*7.2%*(9/12)=$108
Maturity value=simple interest+Principal
(2000+108)=$2108
B:
simple interest=(1500*5.75%*(6/12)=$43.125
Maturity value=simple interest+Principal
(1500+43.125)=$1543.125
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