Julius takes out a loan of $8,500, at 9.5% simple interest, for 3 months. What is the maturity value of the loan? (Round to the nearest cent.) O $6,729.17 $8,701.88 $9,307.50 O $10,922.50

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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Julius takes out a loan of $8,500, at 9.5% simple interest, for 3 months. What is the maturity value of the loan? (Round to the nearest cent.)
$6,729.17
O $8,701.88
O $9,307.50
O $10,922.50
Transcribed Image Text:Julius takes out a loan of $8,500, at 9.5% simple interest, for 3 months. What is the maturity value of the loan? (Round to the nearest cent.) $6,729.17 O $8,701.88 O $9,307.50 O $10,922.50
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