Answer: $9
Step-by-step explanation: The maturity value of a loan is the total amount you must repay, including the principal and any interest you incur. The term of the loan is the time for which it has been granted.
Answer:
$21
Step-by-step explanation:
7% = .07
$300 multiplied by .07 = $21
Answer:
FV= $4,948.16
Step-by-step explanation:
Giving the following information:
Number of periods (n)= 10
Interest rate (i)= 2.15% compound interest annually
Present value (PV)= 4,000
<u>To calculate the future value, we need to use the following formula:</u>
FV= PV*(1+i)^n
FV= 4,000*(1.0215^10)
FV= $4,948.16