Compute the 72-month future value of a $14,468 loan if the annual interest rate is 4.1%...
Compute the 72-month future value of a $14,468 loan if the annual interest rate is 4.1% with monthly compounding.
Homework Answers
Ans $ 18495.36
| FV = | Future Value |
| PV = | Present Value |
| r = | rate of interest |
| n= | no of period |
| FV = | PV (1 + r )n |
| FV = | 14468*(1+4.1%/12)^72 |
| FV = | 18495.36 |
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