Ken Couch is a student at medical school. He borrowed $34,000 for 24 months at the rate of 12% compounded monthly. How much in total, principal plus compound interest, must Ken repay at the end of the 24 months? Round your answer to the nearest cent Use Table 16-1 to find FVF.
Table 16-1 Future Value (Compound Amount) Factors Period 0.50% 0.75% 1.00% 1.25% 1.50% 2.00% 3.00% 4.00% 5.00% 6.00% 8.00% 9.00% 10.00% 12.00% 1 1.00500 1.00750 1.01000 1.01250 1.01500 1.02000 1.03000 1.04000 1.05000 1.06000 1.08000 1.09000 1.10000 1.12000 2 1.01003 1.01 506 1.02010 1.02516 1.03023 1.04040 1.06090 1.08160 1.10250 1.12360 1.166401.18810 1.21000 1.25440 3 1.01508 1.02267 1.03030 1.03797 1.04568 1.06121 1.09273 1.12486 1.15763 1.191021.25971 1.29503 1.33100 1.40493 4 1.02015 1.03034 1.04060 1.05095 1.06136 1.08243 1.12551 1.16986 1.21551 1.26248 1.36049 1.41158 1.46410 1.57352 5 1.02525 1.03807 1.05101 1.06408 1.07728 1.10408 1.15927 1.21665 1.27628 1.33823 1.46933 1.53862 1.61051 1.76234 6 1.03038 1.04585 1.06152 1.07738 1.09344 1.12616 1.19405 1.26532 1.34010 1.41852 1.58687 1.67710 1.77156 1.97382 7 1.03553 1.05370 1.07214 1.09085 1.10984 1.14869 1.22987 1.31593 1.40710 1.50363 1.713821.82804 1.94872 2.21068 8 1.04071 1.06160 1.08286 1.10449 1.12649 1.17166 1.26677 1.36857 1.47746 1.59385 1.850931.99256 2.14359 2.47596 9 1.04591 1.06956 1.09369 1.11829 1.14339 1.19509 1.30477 1.42331 1.55133 1.68948 1.99900 2.171892.357952.77308 10 1.05114 1.07758 1.10462 1.13227 1.16054 1.21899 1.34392 1.48024 1.62889 1.79085 2.15892 2.36736 2.59374 3.10585 11 1.05640 1.08566 1.11567 1.14642 1.17795 1.24337 1.38423 1.53945 1.71034 1.89830 2.33164 2.58043 2.85312 3.47855 1.06168 1.09381 1.12683 1.16075 1.19562 1.26824 1.42576 1.60103 1.79586 2.01220 2.51817 2.81266 3.13843 3.89598 1.06699 1.10201 1.13809 1.17526 1.21355 1.29361 1.46853 1.66507 1.88565 2.13293 14 28 1.14947 1.18995 1.23176 1.31948 1.51259 1.73168 1.979932.26090 2.93719 3.34173 15 1.07768 1.11860 1.16097 1.20483 1.25023 1.34587 1.55797 1.80094 2.07893 2.39656 3.17217 3.64248 4.17725 5.47357 16 1.08307 1.12699 1.17258 1.21989 1.26899 1.37279 1.60471 1.87298 2.18287 2.54035 3.42594 3.97031 4.59497 6.13039 17 1.08849 1.13544 1.18430 1.23514 1.28802 1.40024 1.65285 1.94790 2.29202 2.69277 3.70002 4.32763 5.05447 6.86604 18 1.09393 1.14396 1.19615 1.25058 1.30734 1.42825 1.70243 2.02582 2.40662 2.85434 3.99602 4.71712 5.55992 7.68997 191.09940 1.15254 1.20811 1.26621 1.32695 1.45681 1.75351 2.10685 2.52695 3.02560 4.31570 5.14166 6.11591 8.61276 20 1.10490 1.16118 1.22019 1.28204 1.34686 1.48595 1.80611 2.19112 2.65330 3.20714 4.66096 5.60441 6.72750 9.64629 21. 1.11042 1.16989 1.23239 1.29806 1.36706 1.51567 1.86029 2.27877 2.78596 3.39956 5.03383 6.10881 7.40025 10.80385 22 1.11597 1.17867 1.24472 1.31429 1.38756 1.54598 1.91610 2.36992 2.92526 3.60354 5.43654 6.65860 8.14027 12.10031 23 1.12155 1.18751 1.25716 1.33072 1.40838 1.57690 1.97359 2.46472 3.07152 3.81975 5.87146 7.25787 8.95430 13.55235 24 1.12716 1.19641 1.26973 1.34735 1.42950 1.60844 2.03279 2.56330 3.22510 4.04893 6.34118 7.91108 9.84973 15.17863 25 1.13280 1.20539 1.28243 1.36419 1.45095 1.64061 2.09378 2.66584 3.38635 4.29187 6.84848 8.62308 10.83471 17.00006 26 1.13846 1.21443 1.29526 1.38125 1.47271 1.67342 2.15659 2.77247 3.55567 4.54938 7.39635 9.39916 27 1.14415 1.22354 1.30821 1.39851 1.49480 1.70689 2.22129 2.88337 3.73346 4.82235 7.98806 10.24508 13.10999 21.32488 28 1.14987 1.23271 1.32129 1.41599 1.51722 1.74102 2.28793 2.99870 3.92013 5.11169 8.62711 11.16714 29 1.15562 1.24196 1.33450 1.43369 1.53998 1.77584 2.35657 3.11865 4.11614 5.41839 9.31727 12.17218 15.86309 30 1.16140 1.25127 1.34785 1.45161 1.56308 1.81136 2.42726 3.24340 4.32194 5.74349 10.06266 13.26768 17.44940 29.95992 31 1.16721 1.26066 1.36133 1.46976 1.58653 1.84759 2.50008 3.37313 4.53804 6.08810 10.86767 14.46177 19.19434 33.55511 32 1.17304 1.27011 1.37494 1.48813 1.61032 1.88454 2.57508 3.50806 4.76494 6.45339 11.73708 15.76333 21.11378 37.58173 33 1.17891 1.27964 1.38869 1.50673 1.63448 1.92223 2.65234 3.64838 5.00319 6.84059 12.67605 17.18203 23.22515 42.09153 34 1.18480 1.28923 1.40258 1.52557 1.65900 1.96068 2.73191 3.79432 5.25335 7.25103 13.69013 18.72841 25.54767 47.14252 35 1.19073 1.29890 1.41660 1.54464 1.68388 1.99989 2.81386 3.94609 5.51602 7.68609 14.78534 20.41397 28.10244 52.79962 36 1.19668 1.30865 1.43077 1.56394 1.70914 2.03989 2.89828 4.10393 5.79182 8.1472515.96817 22.25123 30.91268 59.13557 37 1.20266 .31846 1.44508 1.58349 1.73478 2.08069 2.98523 4.268096.08141 8.63609 17.24563 24.25384 34.00395 66.23184 38 1.20868 1.32835 1.45953 1.60329 1.76080 2.12230 3.07478 4.43881 6.38548 9.15425 18.62528 26.43668 37.40434 74.17966 39 1.21472 1.33831 1.47412 1.62333 1.78721 2.16474 3.16703 4.61637 6.70475 9.70351 20.11530 28.81598 41.14478 83.08122 40 1.22079 1.34835 1.48886 1.64362 1.81402 2.20804 3.26204 4.80102 7.03999 10.28572 21.72452 31.40942 45.25926 93.05097 41 1.22690 1.35846 1.50375 1.66416 1.84123 2.25220 3.35990 4.99306 7.3919910.90286 23.46248 34.23627 49.78518 104.21709 42 1.23303 1.36865 1.51879 1.68497 1.86885 2.29724 3.46070 5.19278 7.76159 11.55703 25.33948 37.31753 54.76370 116.72314 43 1.23920 1.37891 1.53398 1.70603 1.89688 2.34319 3.56452 5.40050 8.14967 12.25045 27.36664 40.67611 60.24007 130.72991 44 1.24539 1.38926 1.54932 1.72735 1.92533 2.39005 3.67145 5.61652 8.55715 12.98548 29.55597 44.33696 66.26408 146.41750 45 1.25162 1.39968 1.56481 1.74895 1.95421 2.43785 3.78160 5.84118 8.98501 13.76461 31.92045 48.32729 72.89048 163.98760 46 1.25788 1.41017 1.58046 1.77081 1.98353 2.48661 3.89504 6.07482 9.43426 14.59049 34.4740952.67674 80.17953 183.66612 47 1.26417 1.42075 1.59626 1.79294 2.01328 2.53634 4.01190 6.31782 9.90597 15.46592 37.23201 57.41765 88.19749 205.70605 48 1.27049 1.43141 1.61223 1.81535 2.04348 2.58707 4.13225 6.57053 10.40127 16.39387 40.21057 62.58524 97.01723230.39078 49 1.27684 1.44214 1.62835 1.83805 2.07413 2.63881 4.25622 6.83335 10.92133 17.37750 43.42742 68.21791 106.71896 258.03767 50 1.28323 1.45296 1.64463 1.86102 2.10524 2.69159 4.38391 7.10668 11.46740 18.42015 46.90161 74.35752 117.39085 289.00219
