An original loan of ($2,000) was made at 6% simple interest per year for 4 yr. At

Question:

An original loan of $$2,000$ was made at 6% simple interest per year for 4 yr. At the end of this time, no interest had been paid and the loan was extended for 6 yr more at a new effective compound interest rate of 8%/yr. What is the total amount owed at the end of the 10thyr if no intermediate payments are made?

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