Principal Rate (%) $145,000 14-1/2 14¹ Time 8 months SA Interest X LA Maturity Value X
Principal Rate (%) $145,000 14-1/2 14¹ Time 8 months SA Interest X LA Maturity Value X
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
![**Calculating Interest and Maturity Value of Loans**
**Problem Statement:**
Find the amount (in dollars) of interest and the maturity value of the loans. Use the formula \(MV = P + I\) to find the maturity value. (Round your answers to two decimal places.)
**Information Provided:**
- **Principal:** $145,000
- **Rate (%):** \(14 \frac{1}{2}\)
- **Time:** 8 months
**Solution Fields:**
- **Interest ($):** [Text box for input]
- **Maturity Value ($):** [Text box for input]
**Instructions:**
1. Calculate the interest using the given principal, rate, and time.
2. Determine the maturity value using the formula \(MV = P + I\).
3. Enter the calculated values in the corresponding fields and round your answers to two decimal places before submission.
**Submit Answer**
**Note:** This exercise focuses on applying the formula to real-world loan scenarios, aiding in the understanding of financial calculations.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F92f0192f-f253-4930-b394-721f7ec35561%2Fa1b9d9f6-7d2c-4043-869d-ea0181838a5d%2Fzkvvr8s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Calculating Interest and Maturity Value of Loans**
**Problem Statement:**
Find the amount (in dollars) of interest and the maturity value of the loans. Use the formula \(MV = P + I\) to find the maturity value. (Round your answers to two decimal places.)
**Information Provided:**
- **Principal:** $145,000
- **Rate (%):** \(14 \frac{1}{2}\)
- **Time:** 8 months
**Solution Fields:**
- **Interest ($):** [Text box for input]
- **Maturity Value ($):** [Text box for input]
**Instructions:**
1. Calculate the interest using the given principal, rate, and time.
2. Determine the maturity value using the formula \(MV = P + I\).
3. Enter the calculated values in the corresponding fields and round your answers to two decimal places before submission.
**Submit Answer**
**Note:** This exercise focuses on applying the formula to real-world loan scenarios, aiding in the understanding of financial calculations.
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