To calculate the missing information for the loan, we use the formula for simple interest: Interest = Principal × Rate × Time. Given the principal is $17,000, the rate is 13%, and the time is 121 days, the interest is $730 and the maturity value is $17,730.
To calculate the missing information for the loan, we need to use the formula for simple interest: Interest = Principal × Rate × Time.
Given that the principal is $17,000, the rate is 13%, and the time is 121 days, we can substitute these values into the formula to calculate the interest.
Let's break it down step by step.
Calculate the interest: $17,000 × 0.13 × (121/365) = $730
Now, to calculate the Maturity Value, we add the interest to the principal: $17,000 + $730 = $17,730
Therefore, the missing information for the loan is an interest of $730 and a maturity value of $17,730.
Question:-
Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary. Principal Rate (%) Time (days) Interest Method Interest Maturity Value (in 5) $17,000 13 121 days Ordinary $730 $ 17730