An auto parts dealer borrowed $150,000 at a 9.5% annual simple interest rate for 1 year. find the maturity value of the loan. answer

Ifound a total loan cost formula here:


total = ((mnth rate * principal) / [1-(1+r)-n]) *n 
total = (( 0.0079166 * 150,000) / [1-(  1.0079166)^-12] * 12
total = (1,187.49) / ( 0.0902861119) * 12
total = (13,152.52) * 12
total = 157,830.25