Find the future value of the loan.
-$\$ 6100$ loan at $7.5 \%$ for 9 months
A) $\$ 10,217.50$
B) $\$ 6474.32$
C) $\$ 6443.13$
D) $\$ 6448.13$

Question

Quizplus · Accepted Answer

The future value of the loan can be calculated using the formula for simple interest: $FV = P(1 + rt)$, where $P$ is the principal amount (\$6100), $r$ is the annual interest rate (7.5% or 0.075), and $t$ is the time in years (9 months or 0.75 years). Plugging in the values, $FV = 6100(1 + 0.075 \times 0.75) = 6100 \times 1.05625 = 6443.13$.

Find the Future Value of the Loan $6100\$ 6100$6100 Loan At 7.5%7.5 \%7.5%

Find the Future Value of the Loan $\$ 6100$ Loan At $7.5 \%$