Question

you secure a loan for $21,650. the simple interest rate is 3.27%. how much will you pay in total on the loan after 12 years?
use this formula:
$fv = pv(1 + rt)$
enter the dollar amount rounded to the nearest cent.
your answer:
answer
view hint for question 2

Explanation:

Step1: Identify given values

$PV = 21650$, $r = 0.0327$, $t = 12$

Step2: Calculate $rt$ term

$rt = 0.0327 \times 12 = 0.3924$

Step3: Calculate $(1 + rt)$ term

$1 + rt = 1 + 0.3924 = 1.3924$

Step4: Compute total future value

$FV = 21650 \times 1.3924$

Answer:

$30145.46$