What is the solution to y=3x-1 ?
2 answers:
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The amount of the loan after 11 years is $34,113.53 and the intereest earned is $4,113.53
<h3>How to calculate the compound interest</h3>The formula for calculating the exponential function is expressed as:
Given the following
- P = 30,000
- r = 0.047
- t = 11 years
- n = 4
Substitute into the formula to have:
Hence the amount of the loan after 11 years is $34,113.53
<h3>Find the interest earned</h3>
Interest = A - P
Interest = 34,113.53 - 30000
Interest = 4,113.53
Hence the intereest earned is $4,113.53
Learn more on compound interest here: brainly.com/question/24924853