Find the Amount of Interest and the Maturity Value of the Loan

question 148

Short Answer

Find the amount of interest and the maturity value of the loan: $$\begin{array} { l l l l l } \text { Principal } & \text { Rate } & \text { Time } & \text { Interest } & \text { Maturity Value } \\\$ 28,000 & 11.9 \% &2 \frac{1}{2} \mathrm{yrs} & &\end{array}$$

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Definitions:

Dispersion

A statistical term describing the extent to which values in a data set are spread out around the mean.

Contractual Arrangement

An agreement between two or more parties that is enforceable by law.

Loss of Control

Refers to the event where an entity no longer has the power to govern the financial and operating policies of another entity to obtain benefits from its activities.

Other Comprehensive Income

Other comprehensive income includes revenues, expenses, gains, and losses that are not included in net income and are directly recorded to equity, reflecting the company's total comprehensive income.