Question

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. Round answers to the nearest cent. P=$2000, r=%6, T=6 years

Answer 1

$2720

Explanation:

Given data

Principal=$2000

r= %6

T= 6 years

The expression for the final amount is

A= P(1+rt)

A=2000(1+0.06*6)

A=2000(1+0.36)

A=2000*1.36

A=2720

Hence the amount is $2720