Business Applications. Find the future value (compound amount) or the compound

interest, as indicated. Round answers to the nearest cent. Use a calculator or Table 16-1 to find FVF. Please put the entire solution for each question. Thank you

16. Brent Davis thinks that he needs to borrow $6,600 for 2.5 years. He doesnt have a very good credit rating, so most finance companies want to charge him a high interest rate. He finally finds a lender that will loan him the money at 9% compounded monthly. How much interest will Brent have to pay to this particular lender?

18. Samuel Tang wants to borrow money from his father to buy a car. Samuels father is trying to teach him how to manage money, so he agrees to loan him the money, but at 5% compounded quarterly. Samuel borrows $11,200 and repays everythingprincipal plus all of the interestin 3 1/2 years. How much does Samuel pay back to his father?

20. Marcia Juarez and her brother-in-law have a successful business with several employees. They decide to borrow $12,000 to pay their next quarterly deposits for payroll tax and federal income tax. They get the money at 6% compounded monthly and repay all interest and principal after 3 months. How much do they repay?