Answer:
$72,100
Step-by-step explanation:
To calculate the total principal+interest payment, you can use the formula to find the future value:
FV=PV(1+i)^n
FV= Future value
PV= Present value= $58,200
i= Interest rate= 7.40%
n= Number of periods of time= 3 years
Now, you can replace the values on the formula:
FV=58,200*(1+0.0740)^3
FV=58,200*(1.0740)^3
FV=72,100
According to this, the answer is that the total principal + interest payment will be $72,100.
