Answer:
$ 31050
Step-by-step explanation:
<em>Step 1 : Write the formula for calculating simple interest.</em>
Simple Interest = <u>P x R x T </u>
100
P: Principal Amount-The loan taken (30,000)
R: Interest rate at which the loan is give (6)
T: Time period of the loan in years-there are 12 months in 1 year. There are 7 months from May till June (7/12)
<em>Step 2: Substitute values in the formula</em>
Simple Interest = <u>30,000 x 6 x 7/12</u>
100
Simple Interest = $1050
<em>Step 3: Calculate the amount due at maturity</em>
At the maturity or the end of the time period given, the original or principal amount of the loan has to be repaid along with the simple interest.
Amount at maturity = Principal Amount + Simple Interet
Amount at maturity = 30,000 + 1050
Amount at maturity = $31050
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