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The Future Value is the amount of money that we want to owe, by the end of the duration that we are paying back a loan.
Normally, we want a future value of 0, as we do not want to be in debt by the time we are finished. But the FV function will return the future value of a loan given the other relevant values.
We’ll write Equals, FV, and select the rate, number of periods, payment value, and the present value.
We’re given a 0, meaning that if we pay the given amount every month, the debt will be paid off.
However, now we are able to change the payment to just 600 per month, and by doing so, we can see that we will still be in debt after the given time of 15 years.
This lesson has gone through the FV function, which returns the future value of a loan.