Carter Fenton is planning to borrow $1,600 from Christine
1 answer:
Answer:
Maturity value = $1,635
Step-by-step explanation:
Find the Future Value (FV) amount using simple interest formula;
FV= [Principal * rate * Time] + Principal
Principal = 1600
rate= 7.5% or 0.075
Time = 105 days/ 360 = 0.291667
Therefore, FV = (1600 * 0.075 * 0.291667] +1600
FV= 35+1600
FV= $1,635
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