One side of a rectangle is 2 m shorter than another side. The area is 360 m2. Write a quadratic equation and solve it to find th
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The maturity value of a loan of $2500 at the simple interest rate of 4.3% that is needed to be repaid in 8 months is $2607.50.
<h3>What is simple interest?</h3>Simple interest is a method of calculating interest on an amount for n period of time with a rate of interest of r. It is calculated with the help of the formula,
where SI is the simple interest, P is the principal amount, R is the rate of interest, and T is the time period.
As it is given the principal amount of the loan is $2500, while the interest rate is 4.3%, therefore, after a period the interest on the loan will be,
Thus, the interest amount on the loan of $2500, is $107.5.
Now, in order to find the value of the loan we need to add the interest and the principal amount of the loan together. Therefore, the value of the loan can be written as,
The value of the loan = Principal Amount + Interest rate
= $2500 + $107.5
= $2607.50
Hence, the maturity value of a loan of $2500 at the simple interest rate of 4.3% that is needed to be repaid in 8 months is $2607.50.
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