the principal p is borrowed at a simple interest rate r for a period of time t. find the loans future value…

the principal p is borrowed at a simple interest rate r for a period of time t. find the loans future value a, or the total amount due at time t. p = $24,000, r = 9.0%, t = 5 years $ (round to the nearest cent as needed.)

the principal p is borrowed at a simple interest rate r for a period of time t. find the loans future value a, or the total amount due at time t. p = $24,000, r = 9.0%, t = 5 years $ (round to the nearest cent as needed.)

Answer

Explanation:

Step1: Write the simple - interest formula

The formula for simple - interest 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 percentage rate to a decimal

Given $r = 9.0%=0.09$, $P=$24000$, and $t = 5$ years.

Step3: Substitute the values into the formula

$A=24000\times(1 + 0.09\times5)$. First, calculate the value inside the parentheses: $0.09\times5=0.45$, then $1 + 0.45=1.45$. Next, multiply by the principal: $A = 24000\times1.45$. $A=34800$.

Answer:

$34800.00$