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.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
Related questions
Question
100%

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
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps

Recommended textbooks for you

A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON


A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
