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Valentin [98]
3 years ago
13

Marina Guzmon’s bank granted her a single-payment loan of $3,250 to pay a repair bill. She agreed to repay the loan in 31 days a

t an ordinary interest rate of 11.75%. What is the maturity value of the loan?

Mathematics
2 answers:
Sloan [31]3 years ago
6 0

Answer:

The Maturity Value of loan is $3280.84

Step-by-step explanation:

We are given that :

Principal = $3250 ,

time = 31 days ,Time in years  = \frac{31}{365}\approx0.085 years

Rate of interest = 11.75%

\text{The formula for calculating maturity level is given by}=Principal\cdot {(1+\frac{rate}{100})}^{time}\\\\\implies \text{Maturity Level}=3250\cdot {(1+\frac{11.75}{100})}^{0.085}\\\\\implies \text{Maturuty Level}=\$3280.84

Hence, the maturity level for the loan is $3280.84


iren [92.7K]3 years ago
3 0
So basically he is paying 11.75% of the 3250 dollars in interest. So it’s 3250+(11.75% of 3250)

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