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anonymous

  • one year ago

Financial Math Problem - HELP! Will reward

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  1. anonymous
    • one year ago
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    An amount of $26,000 is borrowed for 6 years at 6.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the calculator provided and round your answer to the nearest dollar.

  2. IrishBoy123
    • one year ago
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    This is how it starts to add up, compounded: Y0: $26,000 end Y1: $26,000(1 + 6.5%) end Y2: $26,000(1 + 6.5%)(1 + 6.5%) end Y3: $26,000(1 + 6.5%)(1 + 6.5%)(1 + 6.5%) etc etc follow that patten, answer your question.

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