Your bank offers you a personal loan of $10,000 at an interest rate of 6.01% compounded quarterly.

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Your bank offers you a personal loan of $10,000 at an interest rate of 6.01% compounded quarterly. At the end of the term, interest of $3,677.65 was charged on the loan. Calculate the term of this loan.

years months

Related Book For answer-question

Multinational Finance Evaluating Opportunities Costs and Risks of Operations

ISBN: 978-1118270127

5th edition

Authors: Kirt C. Butler

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Posted Date: Mar 20, 2024 03:35 PM

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Your bank offers you a personal loan of $10,000 at an interest rate of 6.01% compounded quarterly.

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To calculate the term of the loan the time it took to accumulate 367765 in interest we can use the f... View the full answer

Multinational Finance Evaluating Opportunities Costs and Risks of Operations

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