Find the interest and maturity value for the loan. Round to the nearest cent.
-$46,228 at 7.4% for 23 months
A)$6,611.77; $52,839.77
B)$6,841.74; $53,069.74
C)$6,271.60; $52,499.60
D)$6,556.67; $52,784.67

Question

Quizplus · Accepted Answer

The interest is calculated using the formula I = PRT, where P is the principal ($46,228), R is the rate (7.4% or 0.074), and T is the time in years (23/12). The interest is $6,556.67, and the maturity value is the principal plus interest, totaling $52,784.67.

Find the Interest and Maturity Value for the Loan