a loan of $100,000 is made by Wells Fargo bank for 15 years at a simple interest rate of 6.5%. Calculate the total amount that must be repaid at the end of the loan period. calculate the interest owed. calculate the maturity value.

Question

anonymous · Answer

We can write a function:

$f(x) = 100000(1.065)^x$

Plug in 15 for 'x' in the function and solve:

$f(x) = 100000(1.065)^{15}$

So what's $1.065^{15}$?

misty1212 · Answer

hmmm

misty1212 · Answer

@iGreen. "a simple interest rate"

anonymous · Answer

?

anonymous · Answer

thanks but i need the interest owed

anonymous · Answer

$1.065^{15}$ will calculate the interest..

anonymous · Answer

oh alright thanks

anonymous · Answer

how about the mauturiy value

anonymous · Answer

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anonymous · Answer

hello how about the maturity value