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.
Use the formula for annual compound interest:
$A=P\left(1+\frac{r}{n}\right)^{n t}$
If Claire does not make any payments, how much will she owe after ten years?
A\$12,136.67
B\$3,481.24
C\$6,090.90
D\$3,232.74
Use the formula for annual compound interest:
$A=P\left(1+\frac{r}{n}\right)^{n t}$
If Claire does not make any payments, how much will she owe after ten years?
A\$12,136.67
B\$3,481.24
C\$6,090.90
D\$3,232.74