What the equation solved for the slope m?
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Using simple interest, it is found that the maturity value of the loan is of 10,638.
<h3>Simple Interest</h3>The amount of money after <em>t years </em>in simple interest is modeled by:
In which:
- A(0) is the initial amount.
- r is the interest rate, as a decimal.
In this problem:
- A loan of 10450 is taken, hence
.
- Interest rate of 8.25%, hence
- The loan will be repaid in 75 days, considering the time in years,
Then, the maturity value of the loan is:
The maturity value of the loan is of 10,638.
To learn more about simple interest, you can take a look at brainly.com/question/26207710