Find the maturity value of a loan of $800 after three years. The loan carries a simple interest rate of 9 1/4% per year. 1.) The maturity of the loan is $___

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Keatinge asked Dec 28, 2023

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Find the maturity value of a loan of $800 after three years. The loan carries a simple interest rate of 9 1/4% per year.

1.) The maturity of the loan is $___

Mathematics
college

Keatinge asked Dec 28, 2023

by Keatinge

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1 Answer

22 votes

Answer: $9

Step-by-step explanation: The maturity value of a loan is the total amount you must repay, including the principal and any interest you incur. The term of the loan is the time for which it has been granted.

Victor Domingos answered Jan 2