Question

4 0 / 1 point numeric find the maturity value of a $4,800 loan made on december 8, 2025, with simple interest rate 4.95% and which matures on august 31, 2027.

Explanation:

Step1: Calculate total days of the loan

First, count days from Dec 8,2025 to Dec 31,2025: $31 - 8 = 23$ days.
2026 is a non-leap year: 365 days.
Days from Jan 1,2027 to Aug 31,2027: $31+28+31+30+31+30+31+31 = 243$ days.
Total days: $23 + 365 + 243 = 631$ days.

Step2: Convert rate to decimal, time to years

Rate: $r = 4.95\% = 0.0495$
Time: $t = \frac{631}{365}$ years

Step3: Calculate simple interest

Simple Interest formula: $I = P \times r \times t$
$I = 4800 \times 0.0495 \times \frac{631}{365}$
$I = 4800 \times 0.0495 \times 1.728767$
$I \approx 4800 \times 0.085574$
$I \approx 410.755$

Step4: Calculate maturity value

Maturity Value: $A = P + I$
$A = 4800 + 410.755$

Answer:

$\$5210.76$ (rounded to nearest cent)