Lynne needs to borrow $\$ 10000$ for cosmetic surgery. She obtains a loan from her grandmother for 36 months at a simple interest rate of $7 \%$. What is the loans future value?
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Solving the above expression, we get the future value of the loan as \(\boxed{12250.43}\) dollars.
Step 1 ：Given that Lynne is borrowing $10000 at a simple interest rate of 7% for 36 months. Since the interest is simple, it is not compounded, so n = 1. The time t is 36 months, which is 3 years. The interest rate r is 7%, which is 0.07 in decimal form.
Step 2 ：We can substitute these values into the formula to find the future value of the loan. The formula for future value is: \(FV = PV * (1 + r/n)^{nt}\)
Step 3 ：Substituting the given values, we get: \(FV = 10000 * (1 + 0.07/1)^{1*3}\)
Step 4 ：Solving the above expression, we get the future value of the loan as \(\boxed{12250.43}\) dollars.
