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maria needs extra money to buy a truck to start up a delivery service. she takes out a simple interest loan for $8000 for a period of 3 months at a rate of 6.25% . how much interest must she pay, and what is the maturity value of the loan?



Answer :

She must pay 1500 in interest according to the provided statement, and the loan's maturity value is $58,000.

What does the term interest mean?

The costs associated with borrowing cash and paying somebody to lend you money are referred to as interest. Interest is frequently calculated as such a monthly percentage of the amount borrowed. The interest on the loan is represented by such a percentage.

Briefing:

We've provided the following in response to the query:

➣ Principal = £8000

➣ Time = 3 months

➣ Rate = 6.25%

Finding the Principal by changing every value in the formula:

I=[tex]\frac{PRT}{100}[/tex]

I=[tex]\frac{P*R*T}{100}[/tex]

I=[tex]\frac{8000*3*6.25}{100}[/tex]

I=1500

MV=P(1+r)ⁿ

MV=8000(1+6.25)

MV=58000

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