Aloan of $2,500 is compounded quarterly, at a 10% annual interest rate. when it is repaid after three years, how much interest will be due, in addition to the principal? $

$ 3362.22 ( approx )

Step-by-step explanation:

Since, the amount ( interest with principal amount) in compound interest is,

Where,

P = principal amount,

r = annual rate,

n = compounding periods in a year,

t = number of years,

Here, P = $ 2,500,

r = 10 % = 0.1,

t = 3 years,

n = 4 ( 1 year = 4 quarters )

Hence, the final amount would be,

answer are

step-by-step explanation: