Question

Fiona took a loan at $10000 at a yearly interest rate of 10% What is the full amount of the loan including compound interest after 3 years, presuming that the loan has not been reduced at any time?​

Answer 1

Answer:

Amount = Principal (1+rate/100)^time

=10000 (1+10/100)^3

=10000 × 11/10 × 11/10 × 11/10

= 13310