Explanation Given Information: The principle amount is $ 18 , 620 , rate of interest is 10.5 % over a period of 30 months. Formula used: The maturity value of the loan is given by the formula; M V = P ( 1 + R T ) Here P is the principal amount, R is rate of interest and T is the time-period. Calculation: Consider the principal amount $ 18 , 620 at a rate of interest 10 1 2 % for the time-period of 30 months. So, P = $ 18 , 620 R = 21 2 %

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305886803

Author: Brechner

Publisher: Cengage

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Chapter 10.I, Problem 24RE

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To calculate: The maturity value of an amount $18,620 issued at a rate of interest 10.5% over a period of 30 months.

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Chapter 10.I, Problem 23RE

Chapter 10.I, Problem 25RE

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Chapter 10 Solutions

Contemporary Mathematics for Business & Consumers

Ch. 10.I - Find the amount of interest on each of the...Ch. 10.I - Joe Hale goes to a credit union and borrows...Ch. 10.I - Prob. 3TIE Ch. 10.I - Prob. 4TIE Ch. 10.I - a. A loan was made on April 4 and had a due date...Ch. 10.I - a. What is the maturity date of a loan taken out...Ch. 10.I - Prob. 1RE Ch. 10.I - Prob. 2RE Ch. 10.I - Prob. 3RE Ch. 10.I - Prob. 4RE

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The maturity value of an amount $ 18 , 620 issued at a rate of interest 10.5 % over a period of 30 months.

Solution Summary: The author calculates the maturity value of an amount 18,620 issued at a rate of interest 1012%.

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To calculate: The maturity value of an amount $18,620 issued at a rate of interest 10.5% over a period of 30 months.

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Chapter 10 Solutions