(a) To determine To calculate: The future value of the given principal loan of $ 1000 a t 4.6 % f o r 6 m o n t h s . Explanation Given: The principal ( P ) value of the loan is $ 1 , 000 , the rate ( r ) of interest is 4.6 % and the time ( t ) is 6 months. Formula used: A = P ( 1 + r t ) , where future value ( A ) , rate of interest ( r ) , time ( t ) and principal value ( P ) . Calculation: Step 1: Rate is expressed as a decimal while calculating the interest. Thus, to convert the rate percent into a decimal, rate percent is divided by 100 . r = 4.6 % = 4.6 100 r = 0.046 Step 2: The time is to be expressed in the year. Thus, to convert the time into the year, the months are divided by 12 (b) To determine To calculate: The future value ( A ) of the given principal loan of $ 8970 a t 115 f o r 9 m o n t h s . (c) To determine To calculate: The future value ( A ) of the given principal loan of $ 95 , 106 at 9 .8 % for 76 days .

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Author: MULLINS

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Chapter 5.1, Problem 3CP

(a)

To determine

To calculate: The future value of the given principal loan of $1000 at 4.6% for 6 months.

(b)

To determine

To calculate: The future value (A) of the given principal loan of $8970 at 115 for 9 months.

(c)

To determine

To calculate: The future value (A) of the given principal loan of $95,106 at 9.8% for 76 days.

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Chapter 5.1, Problem 2CP

Chapter 5.1, Problem 4CP

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