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30 June, 05:36

What is the compound interest in a three-year, $100,000 loan at a 10 percent annual interest rate

A) 10.00

B) 21.00

C) 33.10

D) 46.41

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Answers (2)
  1. 30 June, 05:38
    0
    Compound interest = $3310

    Step-by-step explanation:

    Formula for calculating compound interest

    A = P[1 + R/100]^N

    A - Amount

    P - Principle amount

    R - Rate of interest

    N - Number of years

    To find compound interest

    Here

    P - $100,000

    R - 10%

    N - 3 years

    A = P[1 + R/100]^N

    A = 100000[1 + 10/100]^3

    A = 100000[110/100]^3

    A = 100000[1.10]^3 = 133100

    Compound interest CI = A - P = 133100 - 100000 = 33100

    Option C) have some mistake, 33.10 instead of 33100
  2. 30 June, 05:39
    0
    C) 33.10
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Home » Mathematics » What is the compound interest in a three-year, $100,000 loan at a 10 percent annual interest rate A) 10.00 B) 21.00 C) 33.10 D) 46.41
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