Find the maturity value of a loan of $13,942 after 8 months. The loan carries a simple interest rate of 11.9% per year.
A) $15,048.07
B) $14,909.81
C) $15,186.32
D) $15,057.36

Question

Quizplus · Accepted Answer

The correct answer is A. The maturity value of the loan can be calculated using the formula: Maturity Value = Principal + (Principal * Interest Rate * Time). Plugging in the given values, we get: Maturity Value = $13,942 + ($13,942 * 0.119 * 8/12) = $15,048.07.

Find the Maturity Value of a Loan of $13,942 After