HELP

What is the total amount that First Consumer Bank will receive after lending Jane $7,000 for three years at an interest rate of 5 percent, compounded annually?

a)$8,103.38
b)$8,114.92
c)$8,358.37

Question

HELP

What is the total amount that First Consumer Bank will receive after lending Jane $7,000 for three years at an interest rate of 5 percent, compounded annually?

a)$8,103.38
b)$8,114.92
c)$8,358.37

amistre64 · Answer

the question seems a bit vague to me.

how does the loan get paid off?  monthly payments?  or just a total payment at the end?

amistre64 · Answer

well, monthly payments dont give me an option result ... so im assuming they want a one lump sum

anonymous · Answer

I'm not sure. This is all it says.