A store owner borrowed $$ 39, 000$ at $10 %$ from a bank to buy more inventory. Given that the loan is for 21 months, find the interest and the maturity value.

The interest is $$ ◻$ .
The maturity value is $$ ◻$ .

Answer

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Answer

$M = $ 45, 825$

Steps

Step 1 ： $I = P * r * t$

Step 2 ： $I = $ 39, 000 * 0.10 * 1.75$

Step 3 ： $I = $ 6, 825$

Step 4 ： $M = P + I$

Step 5 ： $M = $ 39, 000 + $ 6, 825$

Step 6 ： $M = $ 45, 825$