James borrowed $6000 today. For the first 2.5 years the interest rate on the loan was 4.3%
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Question:
James borrowed $6000 today. For the first 2.5 years the interest rate on the loan was 4.3% compounded monthly. Then the interest rate changed to 2.9% compounded semi-annually.
- What amount is required to pay-off the loan 8 years from today if no payments are made?
- How much interest did James pay on the loan?
Round your final answers to 2 decimal places.
N | ||
PV | ||
FV | ||
PMT | ||
I/Y | ||
P/Y | ||
C/Y |
Related Book For
Taxation Of Individuals And Business Entities 2016
ISBN: 9781259334870
7th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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