Homework Answers
Information provided:
Present value= $21,507
Interest rate= 11.9%/12= 0.9917% per months
Time= 16 months
Enter the below in a financial calculator to compute the future value of the loan.
PV= -21,507
N= 16
I/Y= 0.9917
Press the CPT key and FV to compute the future value of the loan.
The value obtained is 25,185.38.
Therefore, the future value of the loan is $25,185.38.
In case of any query, kindly comment on the solution.
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