Question

Sarah took out a $30,000 loan for 11 years at a 4.7% interest rate to put a new pool in her backyard. If

Answer 1

The amount of the loan after 11 years is $34,113.53 and the intereest earned is $4,113.53

How to calculate the compound interest

The formula for calculating the exponential function is expressed as:

$A =P(1+\frac{r}{n} )^t$

Given the following

• P = 30,000
• r = 0.047
• t = 11 years
• n = 4

Substitute into the formula to have:

$A=30000(1+\frac{0.047}{4} )^{11}\\A =30000(1.13711)\\A =\ 34,113.53$

Hence the amount of the loan after 11 years is $34,113.53

Find the interest earned

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