Find the maturity value on a loan of $2,500 at 11.5% interest, for 72 months. Use the formula MV = P + I. a. $1,393.75 b. $1,725.00 c. $4,225.00 d. $4,570.00
Find the maturity value on a loan of $2,500 at 11.5% interest, for 72 months. Use the formula MV = P + I. a. $1,393.75 b. $1,725.00 c. $4,225.00 d. $4,570.00
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
Related questions
Question
Q- Find the maturity value on a loan of $2,500 at 11.5% interest, for 72 months. Use the formula
MV = P + I.
a. $1,393.75
b. $1,725.00
c. $4,225.00
d. $4,570.00
Q- Franny takes out a loan of $1,400, at 8% interest, for 54 months. Use the formula
MV = P + I to find the maturity value (in $).
Q - Mike invests $1,500, at 8% interest, compounded semiannually for 13 years. Use the compound interest formula to calculate the compound amount for his investment.
a. $2,658.70
b. $3,060.00
c. $4,079.43
d. $4,158.70
Q- Jenn wants to have $14,750 in 5 years. Use the present value formula to calculate how much Inez should invest now at 5% interest, compounded quarterly in order to reach her goal.
a. $11,062.50
b. $11,493.28
c. $11,505.13
d. $11,557.01
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON
Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON
Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Algebra And Trigonometry (11th Edition)
Algebra
ISBN:
9780135163078
Author:
Michael Sullivan
Publisher:
PEARSON
Introduction to Linear Algebra, Fifth Edition
Algebra
ISBN:
9780980232776
Author:
Gilbert Strang
Publisher:
Wellesley-Cambridge Press
College Algebra (Collegiate Math)
Algebra
ISBN:
9780077836344
Author:
Julie Miller, Donna Gerken
Publisher:
McGraw-Hill Education