Fred and Ethel are going to take out a business loan on which they will make annual payments of $7,500 for six years. At that point in time they will also pay off the remaining balance which will be $37,155. Their interest rate is 7.6% compounded semiannually. What is the amount that Fred and Ethel borrowed?

Answer rating: 100% (QA)

To find the amount that Fred and Ethel borrowed we need to use the formul... View the full answer