Qu$$stion $24$

The ${17}^{th}$ National Bank of Tuscaloosa offers a $3-$year line of credit in the amount of $$45,000$ The account carries a $14\mathrm{.}00\%$ APR with quarterly compounding. At the end of $1$ year, how much interest have you paid and what is the banks effective annual rate?

$$6,639,12\mathrm{.}83\%$

$$6,639,14\mathrm{.}75\%$

$$8,779,14\mathrm{.}75\%$

$$7,634,14\mathrm{.}75\%$

$$7,634,12\mathrm{.}83\%$