Question

On October​ 1, 2018, Parker Company made a loan to one of its customers. The customer signed a​ 9-month note for​ $150,000 at​ 13%. Calculate the maturity value of the note.​ (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest​ dollar.)

Answer 1

Maturity value = $164,625

Step-by-step explanation:

given data

time = 9 month

principal = $150,000

rate = 13%

to find out

maturity value

solution

we get here Maturity value that is express as

Maturity value = Principle + interest ........................1

put here value we get Maturity value

Maturity value = $150,000 + ( $150,000 × 13% ×
`(9)/(12)` )

Maturity value = $150,000 + $14,625

Maturity value = $164,625