SOLUTION: The principal P is borrowed at a simple interest rate r for a period of time t. Find the loan's future value A, or the total amount due at time t.
P = $38,000, r
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Question 1176667: The principal P is borrowed at a simple interest rate r for a period of time t. Find the loan's future value A, or the total amount due at time t.
P = $38,000, r = 7.0%, t = 3 years
$__ (Round to the nearest cent as needed.)
Answer by MathLover1(20849) (Show Source): You can put this solution on YOUR website!
Equation:
Calculation:
First, converting % percent to a decimal
per year.
Solving our equation:
or this way:
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