On October 1, 2018, Parker Company made a loan to one of its customers. The customer signed a 9-month note for $150,000 at 13%. Calculate the maturity value of the note. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

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DeniceSandidge DeniceSandidge · Answer 1 · 2019-11-26T07:26:26+01:00

Answer:

Maturity value = $164,625

Explanation:

given data

time = 9 month

principal = $150,000

rate = 13%

to find out

maturity value

solution

we get here Maturity value that is express as

Maturity value = Principle + interest ........................1

put here value we get Maturity value

Maturity value = $150,000 + ( $150,000 × 13% × [tex]\frac{9}{12}[/tex] )

Maturity value = $150,000 + $14,625

Maturity value = $164,625