Question: Problem 1 An interest rate equal to 7% compounded annually: (a) If $20,000 is borrowed for 5 years what total amount must be paid back?

Problem 1 An interest rate equal to 7% compounded

Problem 1 An interest rate equal to 7% compounded annually: (a) If $20,000 is borrowed for 5 years what total amount must be paid back? (b) How much of the total amount repaid represents interest

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