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2 years ago

7

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

1 answer:

MissTica2 years ago

7 0

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:

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

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

<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

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