Brief Exercise G-6 Hugh Curtin borrowed $30,100 on July 1, 2017. This amount plu

Question

Brief Exercise G-6 Hugh Curtin borrowed $30,100 on July 1, 2017. This amount plus accrued interest at 12% compounded annually is to be repaid on July 1, 2022. Click here to view the factor table Future Value of 1 er (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much will Hugh have to repay on July 1, 2022? (Round answer to 2 decimal places, e.g. 25.25) Amount to be repaid on July 1, 2022 s Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Calculate amount repaid :

Future value = Present value*(1+i)n

                      = 30100*(1+.12)5

Future value = 30100*1.76234 = 53046.43

Amount to be repaid on July 1,2022 $53046.43

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