Marcus takes out a loan of $9,500, at 9.5% simple interest, for 4 months. What i

Question

Marcus takes out a loan of $9,500, at 9.5% simple interest, for 4 months. What is the maturity value of the loan? (Round to the nearest cent) Answer a. $10,191.25 b. $10,265.00 c. $9,800.83 d. $300.83 Marcus takes out a loan of $9,500, at 9.5% simple interest, for 4 months. What is the maturity value of the loan? (Round to the nearest cent) Marcus takes out a loan of $9,500, at 9.5% simple interest, for 4 months. What is the maturity value of the loan? (Round to the nearest cent) $10,191.25 $10,265.00 $9,800.83 $300.83 a. $10,191.25 b. $10,265.00 c. $9,800.83 d. $300.83

Explanation / Answer

A = P(1+r*t)

A = 9500(1+0.095*4/12)


A = 9800.83333333333

A = 9800.83

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