MATH
posted by junie w. .
Calculate the maturity value of a simple interest, eightmonth loan of $15,000 if the interest rate is 4.5%.

P = Po + Po*r*t
P = 15,000 + 15,000*0.045*(8/12)
Solve for P.
Respond to this Question
Similar Questions

simple interest rate
Need simple interest rate (rounded to hundreths) on a loan of $3500 which in two months the maturity value was $3583. What is the formula to figure this problem? 
Finance
Calculate the simple interest and maturity value. Principle $16,000 Interest Rate 4% Time 18 mnths 
Math
Find the finance charge (interest) due on a 9month loan of $2,400 at a simple interest rate of 10%.(Use the formula for simple interest: Interest Earned = Principal×Rate×Time) (a)$ 18.00 (b)$ 1,800 (c)$ 180 (d)$ 1.80 (e)$ 18 I put … 
Math
1. Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vicepresident for finance decided to invest $2,000,000 in a 2month investment that pays 11.5% simple interest. … 
Simple Interest & Maturity Value
On September 7, Jennifer Rick went to Park Bank to borrow $3,200 at 11 2/3% interest. Jennifer plans to repay the loan on January 5. Assume the loan is on ordinary interest (ordinary interest uses 360 days a year). Solving for: 1. … 
Math
On May 23, Samantha Best borrowed $40,000 from the Tri City Credit Union at 13% for 160 days. The credit union uses the exact interest method. What was the amount of interest on the loan? 
interest math
On April 12, Michelle borrowed $5,000 from her credit union at 9% for 80 days. The credit union uses the ordinary interest method. a. What is the amount of interest on the loan? 
mth
Calculate the maturity value of a simple interest, eightmonth loan of $15,000 if the interest rate is 4.5%. 
Math
What is the amount of interest on the loan? 
math
On April 12, Michelle Lizaro borrowed $5,000 from her credit union at 9% for 80 days. The credit union uses the ordinary interest method. a. What is the amount of interest on the loan?