A company currently owes $25,000 to a bank for a loan it took 4 years and 6

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A company currently owes $25,000 to a bank for a loan it took 4 years and 6 months ago. The interest rate charged on the loan was 4.5% compounded monthly.

a. What was the original principal of the loan? Round to the nearest cent

b. What was the amount of interest charged on the loan?

Posted Date: May 15, 2024 11:34 AM

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A company currently owes $25,000 to a bank for a loan it took 4 years and 6

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To solve this problem we need to use the compound interest formula to work backward from the current ... View the full answer

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