Answer:
The correct answer is $47,596.2.
Explanation:
According to the scenario, the given data are as follows:
Total amount (P)= $46,000
Rate of interest = 5.2%
Time period = 8 months
So, rate of interest for 8 months (r) = 5.2% × 8 ÷ 12 = 3.47%
Time period (t)= 1
So, we can calculate the Joe loan repayment value by using following formula:
Loan repayment value = P × ( 1 + r)^t
= $46,000 × ( 1 + 3.47%)^1
= $46,000 × ( 1.0347)^1
= $47,596.2
