Question

Use formula A=P(1+RT) to calculate the maturity value of the simple interest loan round to two decimal places.

Answer 1

Answer:

$20,160

Step-by-step explanation:

They don't have a year to pay it back. They have four months so you just use that as time.

Write the equation

A = 15,000 x (1 + 0.086 x 4)

( ) first.

0.086 x 4 = 0.344

rewrite.

A = 15,000 x (1 + 0.344)

( ) again.

1 + 0.344 = 1.344

rewrite

15,000 x 1.344 = 20,160

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