Question

Elizabeth Barton borrowed $13,700 to install a small rock fountain and fish pond in front of her flower shop. She signed a 90-day note on July 5th at 9.25% interest. Find the maturity value of the note

Answer 1

Answer:

$\text{ \ 14,967.25}$

Explanation:

Here, we want to get the maturity value of the note

Mathematically, to get this, we have to add the percentage interest to the amount borrowed

That would be $13,700 added to 9.25% of $13,700

We have this as:

$\begin{gathered} \text{ 13,700 + 9.25\% of 13,700} \\ =\text{ 13,700 + }\frac{9.25}{100}\times13,700 \\ \\ =\text{ \ 14,967.25} \end{gathered}$