Final answer:
The future value of the loan is $2036.67.
Step-by-step explanation:
To find the future value of a loan, you can use the formula:
Future Value = Principal + Simple Interest
In this case, the principal is $2000 and the interest rate is 5.5%. The loan lasts for four months, so the time period is 4/12 = 1/3 of a year.
Step 1: Calculate the simple interest. Simple interest is calculated using the formula:
Simple Interest = Principal * Rate * Time
In this case, the simple interest is $2000 * 0.055 * 1/3 = $36.67
Step 2: Calculate the future value of the loan:
Future Value = $2000 + $36.67 = $2036.67