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Blababa [14]
3 years ago
6

You owe $10,000 on a car loan. The bank charges a compound interest rate of 9.5% per year. If you don't make any payments on the

loan, how much will you owe after 3 years? Round your answer to the nearest whole cent.
Mathematics
1 answer:
kipiarov [429]3 years ago
7 0
Ya

compound interest
A=P(1+r)^t
A=amount final
P=principal
r=rate in decimal
t=time in yers

so

interest is 9.5% or 0.095
principal is 10000
time is 3 years
A=10000(1+0.095)^3
A=10000(1.095)^3
A=13129.323
rounded
he owes $13129.32
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