The principal P is borrowed at a simple interest rater for a period of time t. Find the loan's future value A, or the total amou

Question

GalinKa [24]

2 years ago

14

The principal P is borrowed at a simple interest rater for a period of time t. Find the loan's future value A, or the total amou

nt due at timet. Round answers to the
nearest cent.
P - $7000, r = 7%, t = 6 years

Mathematics

1 answer:

Andrews [41] · Answer 1 · 2022-05-10T19:23:56+03:00

Andrews [41]2 years ago

8 0

Simple interest formula:
I=PRT

I(interest money created in dollars)
P(initial amount of money)
R(interest rate as a decimal)
T(time in years)

I=7000(.07)(6)
I=$2,940

Therefore, the future value of A is $2,940