A homeowner borrows $65,000 to remodel their home. The loan is financed at a 2.3% interest rate, compounded quarterly.
So we have to find 2.3% of 65,000 which is 1495
Now we have to multiply 1,495 by 8 because it is 8 years which is 11960. Now we add 11,960 to 65,000 and our answer is
Answer : 76960
(Choice 1)