Problem

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 $\$ \square$. The maturity value is $\$ \square$.

Solution

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 :\(\boxed{M = $45,825}\)

From Solvely APP
Source: https://solvelyapp.com/problems/7PL1QxvIru/

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