Use  MV = P(1 + RT)  to find the maturity value (in $) of the loan. Principal Rate (%) Time Maturity Value $810,000 13.35 7 months $

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 2E
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Use 
MV = P(1 + RT)
 to find the maturity value (in $) of the loan.
Principal Rate (%) Time Maturity Value
$810,000 13.35 7 months $  
Expert Solution
Step 1

Given,

P=$810,000

R=13.35% =0.1335

T= 7 monhts=712=0.584 years

 

 

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