#6 answer posted to help with #7

thank you in advance !

7. What is the value of that same $45,000.00 (in #6 above) in 16 years' time, in 10 years' from today? Use 5% compounded annually. 8. If you can only afford $360 per month, how large a loan can you take out to buy a car, to be paid back monthly over 4 years, if the interest rate is 4%? 6) Present $ 45,000 value 000 (It It interest rate) years 45,000 (1.05) ) = $20,615.02