Question

Lynne needs to borrow $9500 for cosmetic surgery she obtains a loan from her grandmother for 24 months at a simple interest rate of 9.3% what is the loans future value?​

Answer 1

$11267

Explanation:

Loan Future value = amount borrowed + interest

Amount borrowed = 9500

Interest = Principal * Rate * Time/100

Interest = 9500*9.3 * 2/100

Interest = 95*9.3 * 2

Interest = $1767

Loan Future amount = 9500 + 1767

Loan Future amount = $11267