Answer:
1) $30,821 ( loan balance after 3 months in )
2) 8.56%
Step-by-step explanation:
Final Amount of compound interest: A = P ( 1 + i ) ^ n
p = principal = $30,000
r = interest rate = 11.41% = 0.1141
n = number of years
1) Loan balance after 3 months
n = 3/12 = 0.25 years
A = 30,000 ( 1 + 0.1141 ) ^ 0.25
= $30,821 ( loan balance after 3 months in )
2) Loan Balance after 1 year
A = 30,000 ( 1 + 0.1141 ) ^ 1
= $33423
interest on loan = 33423 - 30,000 = $3423
percentage of $40,000 is $3423
= 3423 / 40,000 * 100
= 8.56%
