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= $5000, r= 7.0%, t= 3 months The loan's future value is $. (Do not round until the final answer. Then round to the nearest cent as needed.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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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 = $5000, r= 7.0%, t = 3 months
The loan's future value is $
(Do not round until the final answer. Then round to the nearest cent as needed.)
Transcribed Image Text: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 = $5000, r= 7.0%, t = 3 months The loan's future value is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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