H M9Ro-as re raa troesedb atoa6411 6alo5a,1908ecrcase6. Lonnie needs extra money to buy a truck to start up a delivery service. Hetakes out a simple interest loan for $6000.00 for 5 months at a rate of 6.25%.(a) How much interest must he pay? (b) What is the future value of theloan? (Round to the nearest penny - hundredth place. For example$123.46)(9)108h Nam909PXRXTTtr stPrice x 12 ute asa deumut Y time Cyeus2 b00 0040.0635 x 0.41666-600 01t 0.068X7.G156 2501252100GISG6) 15 6,asmust pay uuc i5,7suinaretA=LunncIntre t roid (Is6.asfurd ed to nurd retks pie ela ce

Question
Asked Oct 26, 2019
H M
9Ro-a
s re raa troese
db ato
a6411 6alo
5a,1908ecrcase
6. Lonnie needs extra money to buy a truck to start up a delivery service. He
takes out a simple interest loan for $6000.00 for 5 months at a rate of 6.25%.
(a) How much interest must he pay? (b) What is the future value of the
loan? (Round to the nearest penny - hundredth place. For example
$123.46)
(9)1
08h Nam
909
PXRXT
Ttr stPrice x 12 ute as
a deumut Y time Cyeus
2 b00 0040.0635 x 0.41666-
600 01t 0.068
X
7.
G156 250125
2100
GISG
6) 15 6,as
must pay uuc i5,7suinaret
A=
Lunnc
Intre t roid (Is6.as
furd ed to nurd retks pie e
la ce
help_outline

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H M 9Ro-a s re raa troese db ato a6411 6alo 5a,1908ecrcase 6. Lonnie needs extra money to buy a truck to start up a delivery service. He takes out a simple interest loan for $6000.00 for 5 months at a rate of 6.25%. (a) How much interest must he pay? (b) What is the future value of the loan? (Round to the nearest penny - hundredth place. For example $123.46) (9)1 08h Nam 909 PXRXT Ttr stPrice x 12 ute as a deumut Y time Cyeus 2 b00 0040.0635 x 0.41666- 600 01t 0.068 X 7. G156 250125 2100 GISG 6) 15 6,as must pay uuc i5,7suinaret A= Lunnc Intre t roid (Is6.as furd ed to nurd retks pie e la ce

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Expert Answer

Step 1

Calculate the interest amount as follows:

Principal amount x Periodx
Interest
Monthly rate
6.25%
=S6,000x5x
12
$156.25
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Principal amount x Periodx Interest Monthly rate 6.25% =S6,000x5x 12 $156.25

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Step 2

Calculate the future va...

Future value Principal amount + Interest
= S6,000+$156.25
S6,156.25
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Future value Principal amount + Interest = S6,000+$156.25 S6,156.25

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