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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 = $1000, r = 6%, t = 5 years

User Shania
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1 Answer

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Answer:

$1300

Explanation:

To find the total account balance, use the simple interest account balance formula.

P(1+rt)

1000(1 + .06 · 5)

1000(1 + .3)

1000(1.3)

$1300

User Alanwill
by
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