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A loan of $10,000 has an annual interest rate of 8%, compounded quarterly. What will be the total due (principal + inter

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by VJesus12 » Sat May 30, 2020 3:13 pm

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Answers

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E

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Difficulty—

A loan of $10,000 has an annual interest rate of 8%, compounded quarterly. What will be the total due (principal + interest) if no payment is made for 12 months?

(A) $800
(B) $824
(C) $10,800
(D) $10,824
(E) $11,600

[spoiler]OA=D[/spoiler]

Source: Veritas Prep
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Re: A loan of $10,000 has an annual interest rate of 8%, compounded quarterly. What will be the total due (principal + i

by orthodoxparadox » Sat May 30, 2020 11:59 pm
Since, annual interest is \(8\%\) , interest per quarter is \(2\%\)


Number of payment periods = Number of quarters in 12 months = 4

Amount due = $$P\ \cdot\ \left(1.02\right)^4\ =\ 10000\ \cdot\ \left(1.0824\right)\ =\ 10824$$ D
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Re: A loan of $10,000 has an annual interest rate of 8%, compounded quarterly. What will be the total due (principal + i

by jenniferdehner9 » Mon Jan 10, 2022 3:56 am
Thanks for this information.
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