Carl is facing very difficult financial times and can only pay the interest on a $10,000 loan he has taken. The bank charges him a quarterly compound rate of 7%. What is the approximate interest he pays annually?  Pick one
A) 1000	B) 1500	C) 3000	D) 2500	E) 2400

Rationale: "an easy way too attempt this is by approximation : for the first quarter , he pays 7 % of 10,000 which is $ 700 . so for the four quarters in the year , he will approximately play 700 * 4 = 2800 over the entire year . because of compound interest it will be more than 2800 . approx . option c is correct . answer : c"
Answer: C