9514 1404 393
Answer:
$6475.56
Step-by-step explanation:
The maturity value is ...
A = P(1 +rt)
where P is the principal amount, r is the annual rate, and t is the number of years. For ordinary interest, a year is 360 days, so the number of years is 160/360 = 4/9.
The loan value is ...
A = $6200(1 + 0.10×4/9) ≈ $6475.56
Stephen's loan has a maturity value of $6,475.56.
