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=$7000, r=4.0%,
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Question 1202221: 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=$7000, r=4.0%, t=3 months
Answer by math_tutor2020(3817) (Show Source): You can put this solution on YOUR website!
Answer: $7,070
Work Shown:
A = P*(1+r*t)
A = 7000*(1+0.04*3/12)
A = 7070
Extra info:
The amount of interest is
i = A - P
i = 7070 - 7000
i = 70
or you could say
i = P*r*t
i = 7000*0.04*3/12
i = 70
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