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Katen [24]
2 years ago
12

Calculate the simple interest and maturity vale. (do not round intermediate calculations. Round your answers to the nearest cent

). principal $20,000 interest rate 6 3/4% time 9 months what is the simple interest? and what is the maturity value ?
Business
1 answer:
Nataliya [291]2 years ago
4 0

The simple interest given the principal, time and interest rate is $1012.50.

The maturity value is $21,012.50.

<h3>What is the simple interest?</h3>

An amount earns simple interest only if the principal increases in value when interest is paid and not both the principal and the interest already accrued.

Simple interest = principal x time x interest rate

$20,000 x 9/12 x 0.0675 = $1012.50

Maturity value = $1012.50 + $20,000 = $21,012.50

To learn more about interest, please check: brainly.com/question/26164549

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Consider the following calculation

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