Claire wants to take out a small personal loan to renovate her kitchen. She borrows $3,000. Her loan has an annual compound inte

Question

3 years ago

8

Claire wants to take out a small personal loan to renovate her kitchen. She borrows $3,000. Her loan has an annual compound inte

rest rate of 15%. The loan compounds once each year. When you calculate Claire’s debt, be sure to use the formula for annual compound interest. A = P (1+)nt If Claire does not make any payments, how much will she owe after ten years?
$12,136.67
$3,481.24
$6,090.90
$3,232.74

Social Studies

2 answers:

o-na [289] · Answer 1 · 2022-06-11T12:10:38+03:00

The correct answer is A.

The formula for the annual compound interest rate gives the value requested, taking into account that each unknown included stands for the following variables:

P = principal or total amount borrowed =3000
n = interest rate applied = 15%
t= nº of periods = 10

Therefore, A= 3000 (1+0.15)^10 = $12,136.67

Nonamiya [84] · Answer 2 · 2022-06-11T11:08:30+03:00

Nonamiya [84]3 years ago

7 0

A. $12,136.67 i just took the quizz