Question

Principal $4,700 Interest rate 4% time 10 months, what is the simple interest and maturity level?

Answer 1

The simple interest of $4,700 principal at 4% interest and 10 months is $156.67 and its maturity level is 83%.

What is simple interest?

Simple interest refers to the interest calculated only on the principal.

With the simple interest method, the borrower only pays interest on the principal without considering the previously-accumulated interests.

Data and Calculations:

Principal = $4,700

Interest rate = 4%

Period = 10 months

Simple interest = $156.67 ($4,700 x 4% x 10/12)

Thus, the simple interest of $4,700 principal at 4% interest and 10 months is $156.67 and its maturity level is 83%.

Learn more about simple interests at brainly.com/question/