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IgorC [24]
3 years ago
6

The principal P is borrowed at a simple interest rate are for a period of time T. Find the loans future value A, or the total am

ount due at time T

Mathematics
1 answer:
Xelga [282]3 years ago
4 0

Answer:

The total amount due after five years is $57,000.

Step-by-step explanation:

Recall that simple interest is given by the formula:

\displaystyle A=P(1+rt)

Where <em>A</em> is the final amount, <em>P</em> is the principal amount, <em>r</em> is the rate, and <em>t</em> is the time (in years).

Since we are investing a principal amount of $38,000 at a rate of 10.0% for five years, <em>P</em> = 38000, <em>r</em> = 0.1, and <em>t</em> = 5. Substitute:

\displaystyle A=38000(1+(0.1)(5))

Evaluate. Hence:

\displaystyle A=\$ 57,000

The total amount due after five years is $57,000.

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