jacks0517 jacks0517
  • 22-05-2018
  • Mathematics
contestada

Calculate the maturity value for an interest-bearing note of $28,500 for 118 days at 8%

Respuesta :

sskinfill
sskinfill sskinfill
  • 12-01-2022

Answer:

$ 29,247.33

Step-by-step explanation:

Calculate the Interest First:

Simple Interest (SI) = Principal (P) x Rate (R) x Time (T)

P = $28,500

R = 8% or .08

T = 118 days

SI = 28,500 x .08 x 118/360

I = $747.33

Calculate Maturity Value:

Maturity Value (MV) = Principal (P) + Interest (I)

MV= 28,500 + 747.33 = $29,247.33

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