Answer:
$120 ordinary payment. (%7.5 of $1,600)
Maturity Value: $1,600?
Step-by-step explanation:
Using the maturity value formula, $1,600 is the maturity value. Because this question doesn't state a time period of investment, it's difficult to determine the answer.
Formula: V = P * (1+R)^T
- V – Maturity Value
- P – Principal Invested
- R – Rate of Interest
- T – Time of Investment
Hopefully this helps.
