question archive Find the interest and maturity value for the loan
Find the interest and maturity value for the loan
Subject:FinancePrice:2.86 Bought15
Find the interest and maturity value for the loan. Round to the nearest cent. $ 11,330 at 6% for 25 years A) $ 2379.30; $ 13,709.30 B) $ 894.47, $12,224. 47 C) $ 1699.50; $ 13,029.50 D) $ 1631.52; $ 12,961.52 A B ? D
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Answer: Option(C)
Principal Amount = $11,330
Interest = 6%
Term = 2.5 Years
Interest = Principal * Rate of Interest * Term
Interesst = $11,330*6%*2.5
Interest = $1,699.50
Maturity Value = Principal + Interest = $11,330 + $1,699.50 = $13,029.50
