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Sarah took out a $30,000 loan for 11 years at a 4.7% interest rate to put a new pool in her backyard. If
the interest is compounded quarterly. Help please


Sarah Took Out A 30000 Loan For 11 Years At A 47 Interest Rate To Put A New Pool In Her Backyard If The Interest Is Compounded Quarterly Help Please class=

Sagot :

abidemiokin

The amount of the loan after 11 years is $34,113.53 and the intereest earned is $4,113.53

How to calculate the compound interest

The formula for calculating the exponential function is expressed as:

[tex]A =P(1+\frac{r}{n} )^t[/tex]

Given the following

  • P = 30,000
  • r = 0.047
  • t = 11 years
  • n = 4

Substitute into the formula to have:

[tex]A=30000(1+\frac{0.047}{4} )^{11}\\A =30000(1.13711)\\A =\$34,113.53[/tex]

Hence the amount of the loan after 11 years is $34,113.53

Find the interest earned

Interest = A - P

Interest = 34,113.53 - 30000

Interest = 4,113.53

Hence the intereest earned is $4,113.53

Learn more on compound interest here: https://brainly.com/question/24924853

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