Which one of the following is a true
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The loan's future value A, or the total amount due at time t is $1105.
Given, P = $1000, r = 3.5%, t = 3 months.
We need to find the loan's future value A.
<h3>What is Simple interest?</h3>Simple interest is computed on the principal amount of a loan or the first deposit in a savings account. Simple interest does not compound, therefore an account holder will only get interest on the principal, and a borrower will never have to pay interest on previously collected interest.
We know that,
Now,
As we know,
Hence, the loan's future value A, or the total amount due at time t is $1105.
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