A motor home is purchased and a $92000. a loan is obtained for 4 years and 3 months at an interest rate of 10.08% compounded annually. what is the future value of the loan?

texelaare 2021-07-02 Answered
A motor home is purchased and a $92000. a loan is obtained for 4 years and 3 months at an interest rate of 10.08% compounded annually. what is the future value of the loan?

Expert Community at Your Service

  • Live experts 24/7
  • Questions are typically answered in as fast as 30 minutes
  • Personalized clear answers
Learn more

Plainmath recommends

  • Ask your own question for free.
  • Get a detailed answer even on the hardest topics.
  • Ask an expert for a step-by-step guidance to learn to do it yourself.
Ask Question

Expert Answer

FieniChoonin
Answered 2021-07-03 Author has 14598 answers
at 300
10 years
Have a similar question?
Ask An Expert
41
 

Expert Community at Your Service

  • Live experts 24/7
  • Questions are typically answered in as fast as 30 minutes
  • Personalized clear answers
Learn more

Relevant Questions

asked 2021-09-19

The future value $5000 invested for 3 years at a rate r compounded annually is given by \(\displaystyle{S}={5000}{\left({1}+{r}\right)}^{{{3}}}\). Complete parts (a) through (d).
a) Complete the table below to determine the future value of $5000 at certain interest rates.
\(\begin{array}{|c|c|} \hline Rate&4\%&5\%&7.25\%&10.5\%\\ \hline \text{Future Value}&$?&$?&$?&$?\\ \hline \end{array}\)
(Type integers or decimal rounded to the nearest hundredth.)

asked 2021-05-17
You want to invest money for your child's education in a certificate of deposit (CD). You want it to be worth \($12,000\) in 10 years. How much should you invest if the CD pays interest at a \(9\%\) annual rate compounded
a) Annually?
b) Continuously?
asked 2021-05-25
What are the future value and the interest earned if \($3000\) is invested for 6 years at \(8\%\) compounded quarterly?
asked 2021-08-17
The closed nominal annual rate of return.
Given: Initial Cost is $1000.
Future cost is $2500.
Interest is compounded quarterly.
The time period is 5 years.
asked 2021-05-28
You invest $1000 at 7% interest compounded annually. What is the exponential equation that models this situation? According to your equation, how much will the investment be worth 3 years later?
asked 2021-06-04
Find the final amount of money in an account if $3,700 is deposited at 4.5% interest compounded quarterly and the money is left for 9 years?
asked 2021-05-28
You have $30000 to invest. write the expression to find the total value of the investment if: a) you invest at 6% interest for 7 years compounded quarterly b) you invest for 7 years compounded continuously.

Plainmath recommends

  • Ask your own question for free.
  • Get a detailed answer even on the hardest topics.
  • Ask an expert for a step-by-step guidance to learn to do it yourself.
Ask Question
...