You borrow $7000 to help pay your college expenses. You agree to repay the loan at the end of 7 years at 9% interest, compounded quarterly. (Round your answers to two decimal places.)
(a) What is the maturity value of the loan?
So first, you need to multiply 7 by four to get the quarterly part of it, which will be 28. Then, multiply 9% (.9) by your 28 to get 25.2. Finally, multiply that by 7,000 to get 176,400...
