Find the total amount of money (maturity value) that the borrower will pay ba

Mathematics
Tutor: None Selected Time limit: 1 Day

1. Find the total amount of money (maturity value) that the borrower will pay back on a loan of $3429 at 14% annual simple interest for 2.8 years.

May 14th, 2015

For simple interest you only need to multiply the interest rate by the loan amount times the number of years.

(0.14)(3429)(2.8) = 1344.17

So, the total amount the borrower will pay back is

3429 + 1344.17 = $4773.17

May 14th, 2015

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