Final answer:
The interest for the loan is $559.05 and the maturity value is $8,013.05.
Step-by-step explanation:
To find the interest and maturity value for a loan, we can use the formula:
Interest = Principal × Rate × Time
Maturity Value = Principal + Interest
In this case, the principal is $7,454, the rate is 10%, and the time is 9 months. Let's calculate the interest:
Interest = $7,454 × 0.1 × (9/12)
Interest = $559.05
To find the maturity value, we add the interest to the principal:
Maturity Value = $7,454 + $559.05
Maturity Value = $8,013.05