Question: Question Workspace Check My Work (3 remaining) eBook Chapter 7 Financial Planning Exercise 4 Calculating single-payment loan amount due at maturity Stanley Price plans to

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Chapter 7 Financial Planning Exercise 4 Calculating single-payment loan amount due at maturity

Stanley Price plans to borrow $5,000 for four years. The loan will be repaid with a single payment after four years, and the interest on the loan will be computed using the simple interest method at an annual rate of 7 percent.

How much will Stanley have to pay in four years? $ How much will he have to pay at maturity if he's required to make annual interest payments at the end of each year?

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