contestada

The principal p is borrowed at 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. round answer to the nearest cent.

Respuesta :

4600 is the loan's future value, a, or the total amount due at time t.

What Is Simple Interest?

  • Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan.
  • The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.

P=$4000

r=5%

t=3 years

Now we have to find th loans future value A.

So

Simple interest me I=prt=(4000)(.05)(3)=600

Total due is Principal + Interest =4000+600= 4600

Learn more about Simple Interest

brainly.com/question/25845758

#SPJ4

Otras preguntas