Question

A friend lends you $720, which you agree to repay with 4% interest. How much will you have to repay? How much was the interest?

Answer 1

Answer: $16081.60

Explanation:

1)

FV=3000(1.03)=$3090

2)

240*1.04=$249.60

3)

FV=14000(1.02)^7

FV=14000(1.1487)

FV=$16081.60