Register

Juan is taking out a loan for 2,500 with an annual compound interest rate of 7% for 3 years. Juan will not make any additional deposits or withdrawals. How much interest will he…

Juan is taking out a loan for 2,500 with an annual compound interest rate of 7% for 3 years. Juan will not make any additional deposits or withdrawals. How much interest will he…
87.3k views
3 votes
Juan is taking out a loan for 2,500 with an annual compound interest rate of 7% for 3 years. Juan will not make any additional deposits or withdrawals. How much interest will he have to pay at the end of the loan period?

User Logicalicy
by
8.2k points

1 Answer

4 votes

Answer:

$ 3,062.61

Explanation:

Account Balance= 2,500(1+ .07/1)^3

User Pavel Shliaha
by
8.9k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!