A loan of $2000 at 12% is compounded monthly for two years. Find the future value...
A loan of $2000 at 12% is compounded monthly for two years. Find the future value and compound interest. Use the $1.00 future value table or the future value and compound interest formula. Click here to view page 1 of the future value table.LOADING... Click here to view page 2 of the future value table.LOADING... Click here to view page 3 of the future value table.LOADING... Click here to view page 4 of the future value table.LOADING...
The future value of the loan is $ . (Round to the nearest cent as needed.)
The compound interest is $ . (Round to the nearest cent as needed.)
Homework Answers
Solution:
Monthly interest rate = 12%/12 = 1%
Nos of monthly periods = 2*12 = 24
Future value of loan = $2,000 * (1+0.01) ^ 24 = $2,000 * 1.26973 = $2,539.46
Compound interest = $2,539.46 - $2,000 = $539.46
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