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Calculate the maturity value of a loan if borrowing 5000 at 7% simple interest for 48 months

Calculate the maturity value of a loan if borrowing 5000 at 7% simple interest for 48 months
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1 vote
Calculate the maturity value of a loan if borrowing 5000 at 7% simple interest for 48 months

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User Sunni
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2 Answers

6 votes
A=p (1+rt)
A maturity value
P principle 5000
r interest rate 0.07
T Time 48/12

A=5,000×(1+0.07×(48÷12))
A=6,400
answered
User Norlin
by
7.9k points
5 votes
the total is 6400, but if subtracted, its 1400
answered
User Vihkat
by
8.0k points
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