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Claire wants to take out a small personal loan to renovate her kitchen. She borrows $3,000. Her loan has an annual compound interest rate of 15%. The loan compounds once each year. When you calculate Claire’s debt, be sure to use the formula for annual compound interest. A = P (1+)nt If Claire does not make any payments, how much will she owe after ten years?
$12,136.67
$3,481.24
$6,090.90
$3,232.74

Respuesta :

A. $12,136.67 i just took the quizz

palebadgworthy

The correct answer is A.

The formula for the annual compound interest rate gives the value requested, taking into account that each unknown included stands for the following variables:

  • P = principal or total amount borrowed =3000
  • n = interest rate applied = 15%
  • t= nº of periods = 10

Therefore, A= 3000 (1+0.15)^10 = $12,136.67

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