Calculate the amount to be paid after 3 years on a 3000 credit card loan on with an interest rate of 15% correspondent yearly
3,138.08
8,562.63
To calculate the amount to be paid after 3 years on a $3000 credit card loan with an interest rate of 15% per year, we need to use the compound interest formula:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the loan
P = the principal amount (initial loan amount)
r = annual interest rate (as a decimal)
n = number of times interest is compounded per year
t = number of years
In this case:
P = $3000
r = 0.15 (15% expressed as a decimal)
n = 1 (since interest is compounded yearly)
t = 3
So, plugging in the values, the calculation is:
A = 3000(1 + 0.15/1)^(1*3)
A = 3000(1 + 0.15)^3
A = 3000(1.15)^3
A ≈ $3825.52
Therefore, the amount to be paid after 3 years on a $3000 credit card loan with an interest rate of 15% is approximately $3,825.52.