Question

Find the maturity value of the loan.
Principal- $3500
Rate- 8%
Time- 18 months

Answer 1

Answer: 3960

Step-by-step explanation: The principal is $3,500, the interest rate is 8%, and the time is 18 months. To convert the time from months to years, we need to divide the number of months by 12, so the time in years is 18 / 12 = 1.5 years.