Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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![**Calculating Interest and Maturity Value of Loans**
**Problem Statement:**
Find the amount (in dollars) of interest and the maturity value of the loans. Use the formula \(MV = P + I\) to find the maturity value. (Round your answers to two decimal places.)
**Information Provided:**
- **Principal:** $145,000
- **Rate (%):** \(14 \frac{1}{2}\)
- **Time:** 8 months
**Solution Fields:**
- **Interest ($):** [Text box for input]
- **Maturity Value ($):** [Text box for input]
**Instructions:**
1. Calculate the interest using the given principal, rate, and time.
2. Determine the maturity value using the formula \(MV = P + I\).
3. Enter the calculated values in the corresponding fields and round your answers to two decimal places before submission.
**Submit Answer**
**Note:** This exercise focuses on applying the formula to real-world loan scenarios, aiding in the understanding of financial calculations.](https://content.bartleby.com/qna-images/question/92f0192f-f253-4930-b394-721f7ec35561/a1b9d9f6-7d2c-4043-869d-ea0181838a5d/zkvvr8s_processed.jpeg)
Transcribed Image Text:**Calculating Interest and Maturity Value of Loans**
**Problem Statement:**
Find the amount (in dollars) of interest and the maturity value of the loans. Use the formula \(MV = P + I\) to find the maturity value. (Round your answers to two decimal places.)
**Information Provided:**
- **Principal:** $145,000
- **Rate (%):** \(14 \frac{1}{2}\)
- **Time:** 8 months
**Solution Fields:**
- **Interest ($):** [Text box for input]
- **Maturity Value ($):** [Text box for input]
**Instructions:**
1. Calculate the interest using the given principal, rate, and time.
2. Determine the maturity value using the formula \(MV = P + I\).
3. Enter the calculated values in the corresponding fields and round your answers to two decimal places before submission.
**Submit Answer**
**Note:** This exercise focuses on applying the formula to real-world loan scenarios, aiding in the understanding of financial calculations.
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