Answered

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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. p = $800, r = 7.25%, t = 5 months

Sagot :

The loan's future value A, or the total amount owed at time t, is $1728.

Simple Interest means ?

Calculating the amount of interest that will be charged on a loan can be done quickly and easily using the simple interest formula. To compute simple interest, multiply the principle, the number of days between payments, and the daily interest rate.

Due to that,

$800 is the principal.

Interest rate is 7.25%.

Duration: 5 months

Equation:

A= P(1 + rt)

Calculation:

R=7.25% percent to r a decimal conversion first

r=0.0725 annually.

How to resolve our equation

A= P(1 + rt)

A= 800(1 + (7.25)(0.416))

To resolve,

A= $1728

The total amount due at time t, or the loan's future value A, is therefore $1728.

Click here for additional information on interest rates :

brainly.com/question/13324776

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