Asked by maria humayra on Apr 28, 2024
Verified
After a term of 23 days, a loan at 10.5% has a maturity value of $785.16. What was the principal value of the loan?
Maturity Value
The amount payable to an investor at the end of a fixed term, encompassing the principal and the interest earned or dividends received.
Principal Value
The original sum of money invested or loaned, prior to any earnings, interest, or loss.
- Determine the primary amount of a borrowing considering the interest accrued over time and the term of the loan.
Verified Answer
ZK
Learning Objectives
- Determine the primary amount of a borrowing considering the interest accrued over time and the term of the loan.
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