Answer:
$1, 090.00
Explanation:
The present value is calculated using the compound interest formula
FV = PV × (1+r)n
Where PV = 600
r is 12 % , or 0.01 % per month
N is 60 (15 years x 4 compounds per year)
FV = 600 x( 1 + 0.01 )60
FV =600 x 1.8166966
fv= $1, 090.00
The balance will be $1,090.00
