Asked by Andreina Nicasio on Apr 25, 2024
A $7760 investment earning 6.25% matured at $8083.33. What was the term (in months) of the investment?
Matured
Used to describe financial instruments or investments that have reached their due date for payment or realization.
Investment
Allocation of resources, usually money, with the expectation of generating an income or profit.
- Compute the final amount of investments and loans applying simple interest rates.
- Explore the effect of differing interest rates on the accumulation of interest over multiple time frames.
Learning Objectives
- Compute the final amount of investments and loans applying simple interest rates.
- Explore the effect of differing interest rates on the accumulation of interest over multiple time frames.