Business and Finance

Business & Finance
Tutor: None Selected Time limit: 1 Day

Find the maturity value of a $700 loan after 2 years. The loan carries a simple interest rate of 7 ¼%  per year. Round to the nearest cent as needed.

Aug 28th, 2014

simple interest = (700*2*29)/(100*4)

                         = $ 101.5

maturity value = 700+101.5= 801.5

                                            = $ 802

Aug 28th, 2014

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