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Taylor’s dad offered to loan her $1,500 to buy a car with an annual interest rate of 15 percent. Assuming she pays her dad back at the end of one year, how much will she have paid for the car?

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Respuesta :

Answer:

$1,725

Step-by-step explanation:

Given that

The loan amount is $1,500

The interest rate is 15%

And, the time period is one year

We need to find out the future value

so,

The future value = present value × (1 + rate of interest)^number of years

= $1,500 × (1 + 0.15)^1

= $1,500 × 1.15

= $1,725

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