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Popular Word Problems >

find the maturity value of a loan of 2700 after 2 years. the loan carries a simple interest of 7.6% per year

Solution

solve for

t h e ma t u r i t y v a l u e o f a l o an o f 2700 a f t er 2 ye a rs . t h e l o an c a rr i es a s im pl e in t eres t o f 7.6% p er ye a r

Solution

Amount : 3110.4

Solution steps

Translate the problem into an equation:

A = 2700 (1 + 0.076 \cdot 2)

2700 (1 + 0.076 \cdot 2) = 3110.4

Amount : 3110.4

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