If you lend $5800 to a friend for 15 months at 4% annual simple interest, find the future value of the loan. Step 1 We want to find the future value of a loan in which you lend $5800 for 15 months at 4% annual simple interest. The future value of a loan is given by S = P + I, where P is the principal Since we are using simple interest, the interest, I, is given by I = Prt. In this problem, the principal is P = $ 5800 time is t = years. ✔ and I is the interest the interest rate as a decimal is r = C ✔ and the amount of

If you lend $5800 to a friend for 15 months at 4% annual simple interest, find the future value of the loan. Step 1 We want to find the future value of a loan in which you lend $5800 for 15 months at 4% annual simple interest. The future value of a loan is given by S = P + I, where P is the principal Since we are using simple interest, the interest, I, is given by I = Prt. In this problem, the principal is P = $ 5800 time is t = years. ✔ and I is the interest the interest rate as a decimal is r = C ✔ and the amount of

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

If you lend $5800 to a friend for 15 months at 4% annual simple interest, find the future value of the loan.
Step 1
We want to find the future value of a loan in which you lend $5800 for 15 months at 4% annual simple interest.
The future value of a loan is given by S = P + I, where P is the principal
Since we are using simple interest, the interest, I, is given by I = Prt.
In this problem, the principal is P = $ 5800
time is t =
years.
✓
✔ and I is the interest
the interest rate as a decimal is r =
C ✔
and the amount of

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