Kendra took out a loan for $8,000 for 3 years with a compound interest rate of 1.75%. How much will she owe

She will owe approximately $8,427.40 after three years.

Step-by-step explanation:

The compound interest formula is

A = P(1 + r/n)^(nt)

where A is the final amount; P is the principal, or initial, amount; r is the interest rate, as a decimal; n is the number of times the interest is applied per year; and t is the amount of time, in years.

By substituting the values in and assuming that the interest is compounded every year, we get:

A = 8,000(1 + 0.0175)^((1)(3))

8,000(1.0175)^3

8,000(1.05342411)

8,427.40.

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about the problem:

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