SOLUTION: Capital City Bank approves a home-improvement loan application for $13,000 at an annual simple rate of 9.25% for 240 day. What is the maturity value of the loan?

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: Capital City Bank approves a home-improvement loan application for $13,000 at an annual simple rate of 9.25% for 240 day. What is the maturity value of the loan?      Log On


   

Question 1155529: Capital City Bank approves a home-improvement loan application for $13,000 at an annual simple rate of 9.25% for 240 day. What is the maturity value of the loan?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!

Interest = p * r * t
SI = 13000 * 9.25% *(240/365)
SI = 182.5
Maturity value 13000 +182.5