Question

Please help!!! the principal P is borrowed at simple interest rate for a period of time t. Find the loans future value, A or the total amount and round answer to nearest cent. P= $5900, r=4.5%, t=22 months

a) 6386.75
b) 11,741.00
c) 6391.75
d) 6431.00

Answer 1

Explanation:

`A=P(1+rt)\\ \\ P=\$ 5900,\ r=0.045,\ t=22/12\\ \\ A=5900(1+0.045(22/12))\\ \\ A=\$ 6386.75`