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42-46.) Russel borrowed P15,000 which is payable after 2 years and 9 months with a simple interest of 8%. Determine the amount or maturity value of the loan. ​

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AGboiigo

Answer:

P18,300

Step-by-step explanation:

Given:

  • P = 15,000
  • R = 8% or 0.08
  • T = 2years and 9 months or 2.75 years

Using the maturity value of simple interest formula

  • I = P + PRT
  • I = 15,000 + (15,000 × 0.08 × 2.75)
  • I = 15,000 + 3,300
  • I = 18,300

Therefore , the maturity value is P18,300

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