Answer:
Interest rate is $562.5 , Maturity value = $15,562.5
Explanation:
Pam borrowed $15000
$15,000 is the principal amount ...p
Nine months is the duration..t
Interest rate is a 5% which is per year interest rate...r
the interest for Pam will be P x rt
=15000x 5% X 9/12
=15000 x 0.05 x 0.75
=562.5
Interest rate is $562.5
maturity value = principal plus interest
=$15000+ $562.5
=$15,562.5
Maturity value = $15,562.5
