Devon Takes Out a Loan of $1,500, At $6 \frac { 1 } { 2 } \%$

question 90

Multiple Choice

Devon takes out a loan of $1,500, at $6 \frac { 1 } { 2 } \%$ simple interest, for 56 months. What is the maturity value of the loan? (Round to the nearest cent)

• A) $1,955.00
• B) $1,550.75
• C) $2,100.25
• D) $2,500.50

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