Question

A business owner borrows $30,000 at an interest rate of 10.5%. If the business owner borrows using simple interest for 19 months, what is the maturity value of the loan? (NOTE: Use ordinary interest).

Answer 1

What do you mean the 'maturity value' of the loan? Is it the amount(interest + principal)?

Answer 2

yes

Answer 3

You can find interest using this formula:

Where P = principal
R = rate
T = time