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24 September, 04:43

You have a $13,500 loan with a 7% interest rate and a term of 4 years what is the future value of the loan if the loan isnt paid until the end of the 4 year term

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  1. 24 September, 06:05
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    Answer: $17695.80

    Explanation:

    Present value = $13500

    Interest rate = 7%

    Time = 4 years

    Future value = PV (1+r) ^n

    where,

    PV = present value

    r = interest rate

    n = number of years

    = 13500 (1+0.07) ^4

    = 13500 (1.07) ^4

    = 13500 * 1.3108

    = $17695.80
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