Question

Find the future value of the loan. Round your answer to the nearest cent.P=$6000, r= 8%, t= 5 years==The future value of the loan is $

Answer 1

Simple interest = principal x rate x time : 100

Simple interest = 6000 x (0.08) x 5

Simple interest = $2400

So the future value of the loan would be

$6000 + $2400 = $8400

Answer: $8400.00