Calculate the maturity value of a loan if borrowing 5000 at 7% simple interest for 48 months
2 answers:
A=p (1+rt)
A maturity value
P principle 5000
r interest rate 0.07
T Time 48/12
A=5,000×(1+0.07×(48÷12))
A=6,400
The total is 6400, but if subtracted, its 1400
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