Question

Dylan takes out a bank loan of $11,500 at 3.8% interest compounded annually. How much interest, in dollars, will he owe after 3 years? Round your answer to the nearest hundredth.

Answer 1

total interest paid would be 686 dollars

Explanation:

i used a loan calculator

Answer 2

3.8% of 11,500 is 437 so then we would multiply 437 by 3 and get $1,311 then round and get $1,300, I don't if this is right.

Explanation: