Chapter 10.I, Problem 4TIE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

a. What is the amount of interest and the maturity value of a loan for $15,400 at

b. Apollo Air Taxi Service borrowed $450,000 at

**(a)**

To determine

**To calculate:** The amount of interest and maturity value of a loan, if the principal is $15400, the simple interest rate is

Explanation

**Given Information:**

The principal is $15400, the simple interest rate is

**Formula used:**

The simple interest formula is,

Or,

Where,

The maturity value is,

Or,

**Calculation:**

Consider the provided information,

The principal is $15400, the simple interest rate is

**(b)**

To determine

**To calculate:** The maturity value of the loan, if Apollo Air Taxi Service borrowed $450000 at a simple interest of 8% for 9 months.

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