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Scott Peter’s bank granted him a single-payment loan of $3,250 to pay a repair bill. He agreed to repay the loan in 31 days at an exact interest rate of 11.75%. What is the maturity value of the loan?
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Scott Peter’s bank granted him a single-payment loan of $3,250 to pay a repair bill. He agreed to repay the loan in 31 days at an exact interest rate of 11.75%. What is the maturity value of the loan?

User Tizzick
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1 Answer

3 votes
after interest he will pay a total of 3631.88 back to the bank
hope this helps
User Ilia Timofeev
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