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Calculate the maturity value of simple interest a seven months loan of $6,000 if the interest rate is 7.6%

User Szupie
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1 Answer

4 votes

ANSWER


6266

Step-by-step explanation

Given;


\begin{gathered} p=6000 \\ R=7.6\% \\ T=(7)/(12) \end{gathered}

Now using the formula for simple interest


I=(PRT)/(100)

substituting the values we have;


\begin{gathered} I=(6000*7.6*7)/(100*12) \\ =266 \end{gathered}

Now the interest after 7 months would be


266

The maturity value is


\begin{gathered} P+I \\ =6000+266 \\ =6266 \end{gathered}

User Motti
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