You receive a loan for $1000. The loan accumulates interest at a rate of 6.5%. How...
You receive a loan for $1000. The loan accumulates interest at a rate of 6.5%. How much interest will you owe in 4 yrs?
a) 286.47 b)1286.47 c)260 d)1260 e)1000
Homework Answers
FV = PV(1+R)^N
FV= 1000(1+0.065)^4
FV= 1000(1.065)^4
FV=1000*1.286466
FV = 1286.466
INTEREST = 1286.466-1000
INTEREST = 286.466
SO OPTION A 286.47 IS CORRECT.
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