Question: please answer all the parts. A construction company signed a loan contract at 3.21% compounded annually, with the provision to pay $615 at the end
please answer all the parts.
A construction company signed a loan contract at 3.21% compounded annually, with the provision to pay $615 at the end of each month
(a) What is amount of the loan?
(b) How much will be owed at the end of twenty months?
(c) How much of the principal will be repaid within the first twenty months?
(d) How much interest is paid during the first twenty months?
A construction company signed a loan contract at 3.21% compounded annually, with the provision to pay $615 at the end of each month for three years. (a) What is amount of the loan? (b) How much will be owed at the end of twenty months? (c) How much of the principal will be repaid within the first twenty months? (d) How much interest is paid during the first twenty months
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