Another bank is also offering favorable terms, so rahul decides to take a loan of $18,000 from this bank. he signs the loan contract at 10% compounded daily for three months. based on a 365-day year, what is the total amount that rahul owes the bank at the end of the loan's term? (hint: to calculate the number of days, divide the number of months by 12 and multiply by 365.)

a. $18,086.74
b. $17,902.18
c. $18,455.86
d. $19,563.21

final loan amount = $18,455.86

so correct option is c. $18,455.86

Explanation:

given data

loan = $18000

rate =  10%

time = 3 months

to find out

total amount that Rahul owes the bank at the end of the loan

solution

we know that number of day in 3 months is

number of day = 3 ×

number of day = 91.25 days

loan rate =

loan load = 0.00027397

now final loan amount will be

final loan amount = loan amount ×      

final loan amount = $18000  ×  

final loan amount = $18,455.86

so correct option is c. $18,455.86

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answer; bootstrapping is your answer;