edward7880 edward7880
  • 02-01-2020
  • Business
contestada

The maturity value of a 90-day note for $4,000 with an interest rate of 10 percent is?

Respuesta :

DeniceSandidge DeniceSandidge
  • 03-01-2020

Answer:

maturity value = $4100

Explanation:

given data

time = 90 days = [tex]\frac{90}{360}[/tex]

consider 360 days in a year

principal = $4000

interest rate = 10%

to find out

maturity value

solution

first we get here interest amount that is

interest = principal × rate × time   .........1

interest = $4000 × 10% × [tex]\frac{90}{360}[/tex]

interest = $100

so maturity value will be

maturity value = principal + interest  .............2

maturity value = $4000 + $100

maturity value = $4100

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