Answer:
the future value is $47,371.74
Step-by-step explanation:
Given that
The borrowed amount is $24,000
The rate of interest is 12% per annum
The time period is of 6 years
We need to find out the payment made i.e. future value
So as we know that
Future value = Present value × (1 + rate of interest)^no of years
= $24,000 × (1 + 0.12)^6
= $24,000 × 1.12^6
= $47,371.74
Hence, the future value is $47,371.74
