Lajos borrows $5,000 on April 7 at prime + 1%. The prime rate was initially 3%....

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Lajos borrows $5,000 on April 7 at prime + 1%. The prime rate was initially 3%. It increased to 3.25% on May 23 and to 3.50% on July 13. What was the amount required to repay the loan on August 2? Lajos borrows $5,000 on April 7 at prime + 1%. The prime rate was initially 3%. It increased to 3.25% on May 23 and to 3.50% on July 13. What was the amount required to repay the loan on August 2?

Answer rating: 100% (QA)

To calculate the amount required to repay the loan on August 2 we need to first calculate the intere... View the full answer