The amount of the loan after 11 years is $34,113.53 and the intereest earned is $4,113.53
How to calculate the compound interest
The formula for calculating the exponential function is expressed as:
[tex]A =P(1+\frac{r}{n} )^t[/tex]
Given the following
- P = 30,000
- r = 0.047
- t = 11 years
- n = 4
Substitute into the formula to have:
[tex]A=30000(1+\frac{0.047}{4} )^{11}\\A =30000(1.13711)\\A =\$34,113.53[/tex]
Hence the amount of the loan after 11 years is $34,113.53
Find the interest earned
Interest = A - P
Interest = 34,113.53 - 30000
Interest = 4,113.53
Hence the intereest earned is $4,113.53
Learn more on compound interest here: https://brainly.com/question/24924853
