Stephen Simmons received a single payment loan for a loan for $6,200. he agreed to repay the loan and 160 days at an interest ra te of 10% ordinary interest. What is the maturity value of his loan when he pays it back in 160 days. 
1 answer:
9514 1404 393
Answer:
$6475.56
Step-by-step explanation:
The maturity value is ...
A = P(1 +rt)
where P is the principal amount, r is the annual rate, and t is the number of years. For ordinary interest, a year is 360 days, so the number of years is 160/360 = 4/9.
The loan value is ...
A = $6200(1 + 0.10×4/9) ≈ $6475.56
Stephen's loan has a maturity value of $6,475.56 .
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