Answer:
Amount of loan pay = $6.840 (Approx.)
Explanation:
Given:
Amount of loan borrow = $4,500
Rate of interest = 15% = 0.15
Number of year = 3 year
Find:
Amount of loan pay
Computation:
Future value = Present value[1+r]ⁿ
Amount of loan pay = Amount of loan borrow[1+r]ⁿ
Amount of loan pay = 4,500[1+0.15]³
Amount of loan pay = 4,500[1.15]³
Amount of loan pay = 4,500[1.52]
Amount of loan pay = $6.840 (Approx.)