Find the future value, A of a simple interest loan of $28,500 at 9.5% interest for 7 months. The future value formula is A = P(1 + rt) where P is the principal, r is the interest rate as a decimal, and t is time in years.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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Find the future value, A of a simple interest loan of $28,500 at 9.5% interest for 7
months. The future value formula is A P(1 + rt) where P is the principal, r is the
interest rate as a decimal, and t is time in years.
=
Give your answer to the nearest cent
Transcribed Image Text:Find the future value, A of a simple interest loan of $28,500 at 9.5% interest for 7 months. The future value formula is A P(1 + rt) where P is the principal, r is the interest rate as a decimal, and t is time in years. = Give your answer to the nearest cent
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