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Troyanec [42]
8 months ago
15

The principal p is borrowed at simple interest rate r for a period of time t. find the loan's future value, a, or the total amou

nt due at time t. round answer to the nearest cent. p = $800, r = 7.25%, t = 5 months
Mathematics
1 answer:
Anika [276]8 months ago
4 0

The total amount owed at time t, or the loan's future value A, is $1728.

What is Simple Interest ?

Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan. The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.

Given that,

Principal = $800,

Rate of Interest = 7.25%

Time = 5 months

Equation:

A= P(1 + rt)

Calculation:

First, converting R=7.25% percent to r a decimal

r=0.0725 per year.

Solving our equation:

A= P(1 + rt)

A= 800(1 + (7.25)(0.416))

By solving,

A= $1728

Consequently, the entire amount owed at time t, or the loan's future value A, is $1728.

To learn more about Rate of Interest click here:

brainly.com/question/13324776

#SPJ4

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