lakishabellamy211
lakishabellamy211 lakishabellamy211
  • 13-12-2020
  • Mathematics
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Lynne needs to borrow $9500 for cosmetic surgery she obtains a loan from her grandmother for 24 months at a simple interest rate of 9.3% what is the loans future value?​

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abidemiokin
abidemiokin abidemiokin
  • 18-12-2020

Answer:

$11267

Step-by-step explanation:

Loan Future value = amount borrowed + interest

Amount borrowed = 9500

Interest = Principal * Rate * Time/100

Interest = 9500*9.3 * 2/100

Interest = 95*9.3 * 2

Interest = $1767

Loan Future amount = 9500 + 1767

Loan Future amount = $11267

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