10 October, 00:56
Alexa took out a $42,000 loan to remodel a house. The loan rate is 8.3% simple interest per year and will be repaid in six months. What is the maturity value that is paid back?
10 October, 02:45
Answer: The maturity value is $43743
The formula for determining simple interest is expressed as
I = PRT/100
I represents interest paid on the loan.
P represents the principal or amount that was taken as loan.
R represents interest rate.
T represents the duration of the loan in years.
From the information given,
P = 42000
R = 8.3
T = 6 months = 6/12 = 0.5 years
I = (42000 * 8.3 * 0.5) / 100 = $1743
The maturity value is the total amount paid after the duration of the loan. It becomes
42000 + 1743 = $43743
Know the Answer?
New Questions in Mathematics
Why does the author likely reference the fugitive slave act in the text
Evaluate the expression - 2+49 : (-7)
One scientist discovered a new theory on the evolution of the universe. What is the next step for the scientist to take?
A band director needs to purchase new uniforms. The ratio of small to medium to large uniforms is 3:4:6. If there are a total of 260 uniforms to purchase, how many will be small?
What were some of the issues that moral reformers addressed during the Progressive Era? alcohol suffrage trusts corruption prostitution poverty
Explain how fitzgerald uses setting to emphasize the differences between social classes.
Which shows all the prime factors for 72? a. 8 • 9 b. 6 • 12 c. 2 • 2 • 2 • 3 • 3 d. 2 • 2 • 3 • 3 • 3
This is a DNA fingerprint exhibiting samples from a victim, two suspects, and the crime scene. Which of these DNA fragments is common to both the victim and Suspect 1? a) A b) B c) C d) D e) E
A scientist has 2/3 liter of solution. He uses 1/2 of the solution. how much solution is used for the experiment?
Which statement would be the most useful for deriving the ideal gas law? Volume is directly proportional to the number of moles. Volume is inversely proportional to the temperature. Pressure is directly proportional to the volume.
» Alexa took out a $42,000 loan to remodel a house. The loan rate is 8.3% simple interest per year and will be repaid in six months. What is the maturity value that is paid back?