Maturity value

Question

Find the maturity value of a $32,000 loan that is made for 6 years at 12%. 

Answer 1

$32,000 loan amount

6 years

12% interest

Total interest on this loan = $32,000 x .12 x 6 = $23,040

Loan amount $32,000 + Total interest $23,040 = $55,040 Maturity Value