Final answer:
To repay a $800 loan at 6% annual simple interest over 6 months, the total amount to be repaid is $824. For a $3500 loan at 8% annual simple interest over 15 months, the future value of the loan is $3966.67.
Step-by-step explanation:
To calculate the total amount to be repaid, we can use the formula:
Total Amount = Principal + Interest
Principal = $800
Interest = Principal * Rate * Time
Rate = 6% (convert to decimal by dividing by 100)
Time = 6 months (convert to years by dividing by 12)
Plugging in the values:
Interest = $800 * 0.06 * (6/12) = $24
Total Amount = $800 + $24 = $824
Therefore, you must repay $824 at the end of the 6 months.
For the second question, to find the future value of a loan, we can use the formula:
Future Value = Principal + Interest
Principal = $3500
Interest = Principal * Rate * Time
Rate = 8% (convert to decimal by dividing by 100)
Time = 15 months (convert to years by dividing by 12)
Plugging in the values:
Interest = $3500 * 0.08 * (15/12) = $466.67
Future Value = $3500 + $466.67 = $3966.67
Therefore, the future value of the loan is $3966.67.