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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

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gedell

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

Level 1 (2 Credits)
Answers (5)
  • 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.
    tyfry7496

    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!)
    geminilove

    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!
    pookipoo

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

  • .078 X 2,800 X 2 I hope this helps
    JLS2388

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

  • geminilove is right.
    babymar

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

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