The compound interest on a $3,000.00 loan at 7% for 3 years compounded annually is:
A, $ 3,675.13
B. $ 630.00
C. $3,630.00
D. $675.13
E. NONE OF THE ABOVE
The answer is: A
THE COMPOUND INTEREST IS OF COURSE: D
I'm getting confused. Don't contradict each other explain how the other was wrong. :)
$3000*1.07^3 = $3675.13
.
It says find the compound interest not the total amout over the years So the answer is D.
