MoniqueZ215641 MoniqueZ215641
  • 03-11-2022
  • Mathematics
contestada

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

Respuesta :

SamielY406894 SamielY406894
  • 03-11-2022

ANSWER

[tex]6266[/tex]

EXPLANATION

Given;

[tex]\begin{gathered} p=6000 \\ R=7.6\% \\ T=\frac{7}{12} \end{gathered}[/tex]

Now using the formula for simple interest

[tex]I=\frac{PRT}{100}[/tex]

substituting the values we have;

[tex]\begin{gathered} I=\frac{6000\times7.6\times7}{100\times12} \\ =266 \end{gathered}[/tex]

Now the interest after 7 months would be

[tex]266[/tex]

The maturity value is

[tex]\begin{gathered} P+I \\ =6000+266 \\ =6266 \end{gathered}[/tex]

Answer Link

Otras preguntas

what is the greatest common factor of 10 and 35​
When is one time that a cell must divide?
Why did Andrew Jackson dislike the national bank? A. The bank's leaders had opposed him in the election of 1824. B. He thought the bank's policies favored the w
answers ASAP plsssssss
Please help me I need to do this like now!!!!
all you need is in the photo ASAP​
Classify each number as rational or irrational. Choose the correct response from the drop-down menus. Choose... 0.325 Choose... 0.4562345... Choose... V50 Choos
7. GradPoint Which relation is a function? A. {(1, 4), (1, 3), (1, 2), (1, 1)} B. {(3, 4), (3, 3), (1, 2), (1, 5)} C. {(3, 4), (2, 4), (5, 1), (3, 5)} D. {(1, 3
Can you guys please help me I would really appreciate it if you guys could I’m so sorry if you guys cannot see the picture!
In your own words explain how to evaluate a function using function notation. ​