Question

total amount = P (1 + i)t

What is the total amount that First Consumer Bank will receive after lending Jane $7,000 for three years at an interest rate of 5 percent, compounded annually?

$8,103.38

$8,114.92

$8,358.37

Answer 1

@pooja195

Answer 2

i am lost on the t
i don't know what to factor in for that

Answer 3

Zale?

Answer 4

@Anaise

Answer 5

this problem might be clearer, and you might obtain more help, if you'd please express the exponentiation properly.

total amount = P (1 + i)t looks like "P times (1_i) times t. That's incorrect.

Better: Use Equation Editor or Draw to express the exponent:\[A=P(1+i)^t\]

Answer 6

We don't "factor the t" here.

You are given: principal = P = $7,000, i=annual interest rate = 0.05, t=time=3 yrs.

Answer 7

Please find the Amount, using this formula.

Answer 8

oh my
tell your teacher this is NOT how loans payments work at all
the question is in error
what they are asking is a different question entirely, if you invest \(\$7,000\) at \(5\%\) interest compounded annually , how much will you have in three years
not the same thing at all

Answer 9

but as @mathmale said, put \(P=7,000, i=0.05\) and \(t=3\)
you will need a calculator to finish

Answer 10

did a math teacher make this up, or is this some sort of FLVS question ?

Answer 11

Hope it wasn't a math teacher. We math teachers are perfect.

What is the total amount that First Consumer Bank will receive after lending Jane $7,000 for three years at an interest rate of 5 percent, compounded annually?

What this means to say, I believe, is that you are to calculate the total amount that poor Jane has to pay back to the Bank, including principal and interest, at the end of 3 years.