SOLUTION: Julius takes out a loan of $9,500, at 9.5% simple interest, for 4 months. What is the maturity value of the loan? (Round to the nearest cent) (Points : 2)
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Question 763277: Julius takes out a loan of $9,500, at 9.5% simple interest, for 4 months. What is the maturity value of the loan? (Round to the nearest cent) (Points : 2)
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
A = P(1+r*t)
A = 9500(1+0.095*4/12)
A = 9800.83333333333
A = 9800.83
Answer: The maturity value of the loan is $9,800.83
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