SOLUTION: If the interest rate on a $5,000 loan is 10%, what is the total amount due (principal and compound interest) at the end of the loan if the interest compounds annually for 3 years?

Question 1159248: If the interest rate on a $5,000 loan is 10%, what is the total amount due (principal and compound interest) at the end of the loan if the interest compounds annually for 3 years? (Round your answer to the nearest dollar.)
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!

Amount = = 5000 *( 1 + 0.1 )^ 1 * 3

5000 *( 1.1 )^ 3
Amount = 6655.00

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