SOLUTION: A credit union loans a member $8,000 for the purchase of a used car. The loan is made for 15 months at an annual simple interest rate of 7.9%. What is the maturity value of the car
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Question 1155246: A credit union loans a member $8,000 for the purchase of a used car. The loan is made for 15 months at an annual simple interest rate of 7.9%. What is the maturity value of the car loan? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Simple Interest = p*r*t 15 months = 1 (3/12) years
8000*0.079*5/4= 790
8000+790 = 8790
= $ 8790 maturity value
