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

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