find the future value of the loan. round your answer to the nearest cent.\n\n$p = \\$100$, $r = 7\\%$, $t =…

find the future value of the loan. round your answer to the nearest cent.\n\n$p = \\$100$, $r = 7\\%$, $t = 4$ years\n\nthe future value of the loan is $\\$ $.

find the future value of the loan. round your answer to the nearest cent.\n\n$p = \\$100$, $r = 7\\%$, $t = 4$ years\n\nthe future value of the loan is $\\$ $.

Answer

Explanation:

Step1: Identify the formula

The formula for simple - interest future value is $A = P(1 + rt)$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

Given $r = 7%=0.07$.

Step3: Substitute the values into the formula

Substitute $P = 100$, $r = 0.07$, and $t = 4$ into the formula $A = P(1+rt)$. $A=100\times(1 + 0.07\times4)$ $A = 100\times(1+0.28)$ $A = 100\times1.28$ $A = 128$

Answer:

$128.00$