Lita made a loan of 1500 pesos at 9% simple interest for 5 years. At the end of this period, without the interest being paid the loan was extended for 3 years, but the new interest rate was made 20% compounded quarterly. How much should the borrower pay at the end of 8 years?

Answer rating: 100% (QA)

To calculate the amount the borrower should pay at the end of 8 years we need to calculate the total ... View the full answer