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6 February, 22:59

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 amount due at timet. Round answers to the

nearest cent.

P - $7000, r = 7%, t = 6 years

+3
Answers (1)
  1. 7 February, 00:04
    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
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