Final answer:
We cannot provide the maturity date of a loan without the loan period, even though the interest amount and rate are known. To find the maturity date, the loan period must be given so it can be used with the simple interest formula. Simple interest calculations require knowing the principal, rate, and time period.
Step-by-step explanation:
To calculate the maturity date of a loan, we need to know the terms of the loan, such as the time period the interest is calculated over. However, the question provides the interest amount of $60 and the interest rate of 15%, but it does not provide the time period. We could find the maturity date by using the formula for simple interest I = PRT (where I is the interest, P is the principal, R is the rate, and T is the time in years) if the time was known. Since it is not provided, we cannot determine the exact maturity date of the loan.
The example given: "Simple interest in this example is $15. Example 2: $100 Deposit at a simple interest rate of 5% held for three years is: $100 × 0.05 × 3 = $15" demonstrates how to calculate interest given the principal, rate, and time.
To answer the question on determining the interest rate based on the given simple interest received, the formula I = PRT could be rearranged to R = I / (PT). For example, if you receive $500 in simple interest on a $10,000 loan after five years, the interest rate charged is calculated as follows:
R = $500 / ($10,000 × 5) = 0.001 or 0.1%