Find the future value of this loan.
1 answer:
Answer:
the full value is $8507.86
Step-by-step explanation:
Use I=prt(interest rate formula)
p=principal(8079)
r=rate of interest(0.091) -Always convert % into decimal when dealing with interest
t= time (7/12 or 0.583)- if time is in months form you need to put a denominator of 12
now use the formula
I=8079*0.091*0.583
I=428.86
now you need to add the interest to the principal to get full value
428.86+8079=$8507.86
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i hope this helps :)
