Question

2) Find the maturity value of a loan of $2500 at simple interest that is to be repaid in 8 months. The interest rate is 4. 3%

Answer 1

The answer is 71.67

Explanation:

I=PRT

P=2500

r=4.3%

t=8months which is two thirds of a year

2500×4.3%×2/3

I=71.67