Find the future value of this loan.$23,820 at 6.5% for 17 monthsThe future value of the loan is $.(Round to the nearest cent as needed.)P

114,611 views

22 votes

2.8k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

19 votes

we have the formula

$FV=PV\left(1+rt\right)$

where

PV=$23,820

r=6.5%=6.5/100=0.065

n=17 months=17/12 years

substitute in the formula

$\begin{gathered} FV=23,820(1+0.065((17)/(12))) \\ FV=\$26,013.43 \end{gathered}$

Leshan answered Jun 23, 2023

2.9k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers