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Sagot :
For this, first find the exact interest
[tex]\begin{gathered} \text{ Exact Interest = Principal }\times\text{ Rate }\times\text{ Time }\div365 \\ \text{ Then you have} \\ \text{Exact Interest }=22000\times7.75\text{ \%}\times\text{ 182 }\div365 \\ 7.75\text{ \% }=0.0775,\text{ so} \\ \text{Exact Interest }=22000\times0.0775\times\text{ 182 }\div365 \\ \text{Exact Interest }=\text{ \$}850.16 \end{gathered}[/tex]Now find the maturity value
[tex]\begin{gathered} \text{Maturity Value = Principal }+\text{ Interest owed} \\ \text{Maturity Value }=22000\text{ }+\text{ }850.16 \\ \text{Maturity Value }=\text{ \$}22850.16 \end{gathered}[/tex]Therefore, the maturity value of the loan is $22850.16.
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