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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.)

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.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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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