Find the future value of this loan. $8869 at 9.4% for 13 months

Find the future value of this loan.

$8869 at 9.4% for 13 months

Solutions

Expert Solution

here,

principal value (PV)= 8869

rate of interest (r) = 9.4%

= 0.094

number of months(n) = 13/12 years

future value of loan = PV(1+r)ⁿ

= 8869(1+0.094)^13/12

= 9775.60

so, future value of this loan = 9775.60

jeff jeffy answered 2 years ago

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