SOLUTION: What would be the future value of a loan of $7,000 for 6 years if the bank offered a 10% interest rate compounded quarterly?
Algebra.Com
Question 196354: What would be the future value of a loan of $7,000 for 6 years if the bank offered a 10% interest rate compounded quarterly?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
7,000(1+.10/4)^6*4
7,000(1+.025)^24
7,000(1.025)^24
7,000*1.808725
$12,661.08 ans.
RELATED QUESTIONS
1. If you lend $3600 to a friend for 15 months at 10% annual simple interest, find the... (answered by stanbon)
1- Aya and Harumi would like to buy a house and their dream house costs $500,000. They... (answered by Theo)
What is the future value of a semi-annual payments of 8,000 pesos for 12 years with... (answered by Theo)
My teacher didn't give me any formulas for these things.. please help me!! T~T
1. You (answered by KMST)
Find the future value on a savings account with a principle of $4700 at 4% simple... (answered by Theo)
1st question:
The principal P is borrowed at a simple interest rate r for a period of (answered by ikleyn)
At graduation, you have a student loan of $19,000. The loan has a fixed annual interest... (answered by ikleyn,math_tutor2020)
5.) Determine the present value if $15,000 is to be received at the end of eight years... (answered by rfer)
Mr. Ali take a loan of Rs. 1000000 from BALH. Bank charge compound interest at the rate... (answered by Boreal)