Marynicoleporio20idn
Answered

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Find the interest and the amount due on a loan of 280,000.00 for 2 years at 14% per year..
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Sagot :

Hanimeyaidn

MATURITY VALUE || INTEREST

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[tex]\large\sf\underline{Problem:} [/tex]

  • Find the interest and the amount due on a loan of 280,000.00 for 2 years at 14% per year.

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[tex]\large\sf\underline{Answer:}[/tex]

[tex] \qquad \large \rm \: Interest = 363,888 \\\qquad \large \rm \: Maturity Value = 643,888[/tex]

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[tex]\large\sf\underline{Solution:}[/tex]

Determine the amounts of interest and it's maturity value using the give formula where p is the principal, r is the rate of interest, t is the time and m stands for maturity value itself

  • [tex]\bold{Formula\:||\:M_{Value} = P + P(1+r) ^{t}}[/tex]
  • [tex]\rm M_{Value} = 280,000 + 280,000 (1 + \frac{14\%}{100}) ^{2}[/tex]

»To find how much is the maturity value, plug the values to the given formula,

  • [tex]\rm M_{Value} = 280,000 + 280,000 ( 1 + 0.14) ^{2}[/tex]

  • [tex]\rm M_{Value} = 280,000 + 280,000 (1.14) ^{2}[/tex]

  • [tex]\rm M_{Value} = 280,000 + 363,888[/tex]

  • [tex]\rm M_{Value} = 643,888.00[/tex]

Therefore,

  • Interest = 363,888.00
  • Maturity Value = 643,888.00

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