Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

# Find the maturityvalue of a loan of \$2,800 after two years. The loan carries a simple interest rate of 7.8 per year. show me how to solve this math problem step by step.

math question

Asked by gedell at 4:48 PM on Nov. 10, 2010 in Teens (13-17)

Level 1 (2 Credits)
• Call a loan officer? Try www.math.com I really can't help, I am horrible in math. I have a friend that is a banker that helps me with things like this.

Answer by tyfry7496 at 4:56 PM on Nov. 10, 2010

• 7.8% * \$2,800.00 = \$218.40 per year in interest

\$218.40 per year * 2 years = \$436.80 total interest charged.

\$436.80 + initial loan of \$2,800.00 = \$3236.80

(I think!)

Answer by geminilove at 4:59 PM on Nov. 10, 2010

• i think geminilove is right, but i havent had to take math in awhile!

Answer by pookipoo at 5:00 PM on Nov. 10, 2010

• .078 X 2,800 X 2 I hope this helps

Answer by JLS2388 at 6:48 PM on Nov. 10, 2010

• geminilove is right.

Answer by babymar at 5:23 PM on Nov. 11, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.