find the future value of the loan. round your answer to the nearest cent.\n$p = \\$6850$, $r = 5.93\\%$, $t…

find the future value of the loan. round your answer to the nearest cent.\n$p = \\$6850$, $r = 5.93\\%$, $t = 3$ years\nthe future value of the loan is $\\$□$.

find the future value of the loan. round your answer to the nearest cent.\n$p = \\$6850$, $r = 5.93\\%$, $t = 3$ years\nthe future value of the loan is $\\$□$.

Answer

Explanation:

Step1: Recall the simple - interest future - value formula

The formula for the future value $A$ of a loan with principal $P$, annual interest rate $r$ (in decimal form), and time $t$ (in years) is $A = P(1 + rt)$. First, convert the interest rate from a percentage to a decimal. $r=5.93%=0.0593$, $P = 6850$, $t = 3$.

Step2: Substitute the values into the formula

$A=6850\times(1 + 0.0593\times3)$. First, calculate the value inside the parentheses: $0.0593\times3=0.1779$, then $1 + 0.1779 = 1.1779$.

Step3: Calculate the future value

$A=6850\times1.1779$. $A = 6850\times1.1779=8068.615$.

Answer:

$8068.62$