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Answer:
The future value of loan amount after 4 months is $ 34,695.136
Step-by-step explanation:
Given as :
The loan principal = $ 34300
The rate of interest applied = 3.5 %
The time period = 4 months = year
Let The amount after 4 months = $ A
<u>From compounded method</u>
Amount = Principal ×
or, Amount = 34300 ×
or, Amount = 34300 ×
or, Amount = 34300 × 1.01152
∴ Amount = $ 34,695.136
Hence The future value of loan amount after 4 months is $ 34,695.136 Answer