Share

## Larry accumulated $3,000 in credit card debt. If the interest rate is 10% per year and he does not make any payments for 2 years, how much w

Question

Larry accumulated $3,000 in credit card debt. If the interest rate is 10% per year and he does not make any payments for 2 years, how much will he owe on this debt in 2 years for quarterly compounding? Round your answer to two decimal places.

in progress
0

Mathematics
3 years
2021-08-26T12:10:47+00:00
2021-08-26T12:10:47+00:00 1 Answers
40 views
0
## Answers ( )

Answer:The amount will be “

$3655.21“.Step-by-step explanation:The given values are:

Principle,P = $3000

Interest rate,r = 10% i.e., 0.1

Number of times interest,n = 4

Time,t = 2 years

As we know,

⇒

On putting the values in the above formula, we get

⇒

⇒

⇒

⇒ ($)