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