Schmidt Bowman
05/12/2024 · Senior High School
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 \( t \). \( P=\$ 28,000, r=7.5 \%, t=5 \) years
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The future value of the loan after 5 years is $38,500.
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