Pamela and Eric Davidson were granted a 150-day business loan to finance the startup of their window treatment design company. The Davidsons borrowed $60,000 from LB Bank at an interest rate of 2 percent over prime. What was the maturity value of the loan if the prime rate is 5.25 percent?

Answer rating: 100% (QA)

To calculate the maturity value of the loan we need to consider the interest rate ... View the full answer