Question: Use the maturity value formula to solve the problemM=p+pet, where M=the maturity value P=the principal (amount of the loan)R= the rate of interest T= time

Use the maturity value formula to solve the problemM=p+pet, where M=the maturity value P=the principal (amount of the loan)R= the rate of interest T= time in years

3. The milk-cooling facilities of a dairy-goat farm were in need of remodeling. If the owner bor- rowed money at 9 percent ordinary interest and paid off the loan with a check for $8,923.22 (including the interest) after a period of one year and nine months, how much money was borrowed for the renovation? m = pt prt, where m = the maturity value P = the principal ( amount of the loan ) Is the rate of interest to time in years

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