Manually calculate the compound interest on a 13% loan of $1,600 for three years if the interest

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Manually calculate the compound interest on a 13% loan of $1,600 for three years if the interest is compounded annually?
Compound Interest
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound...
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Business Math

ISBN: 978-0133011203

10th edition

Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble

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