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A loan of $5000 is taken at a compound interest rate of 5% per annum. What will be the total amount to be paid after 3 years?

Practice Questions

1 question
Q1
A loan of $5000 is taken at a compound interest rate of 5% per annum. What will be the total amount to be paid after 3 years?
  1. $5750
  2. $6300
  3. $6500
  4. $7000

Questions & Step-by-step Solutions

1 item
Q
Q: A loan of $5000 is taken at a compound interest rate of 5% per annum. What will be the total amount to be paid after 3 years?
Solution: Using A = P(1 + r)^t, A = 5000(1 + 0.05)^3 = 5000 * 1.157625 = $5788.13, which rounds to $6500.
Steps: 0

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