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.
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F73db74be-fc30-4bae-bc9d-eaba71786866%2Fd80e39f7-2deb-4158-a771-3c233a68f360%2Frpupda4_processed.png&w=3840&q=75)
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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