Your bank offers you a personal loan of $14,000.00 at an interest rate of 4.3% compounded quarterly.

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Your bank offers you a personal loan of $14,000.00 at an interest rate of 4.3% compounded quarterly. At the end of the term, interest of $4,290.34 was charged on the loan. Calculate the term of this loan.

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Jun 21, 2023 08:41 AM

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Your bank offers you a personal loan of $14,000.00 at an interest rate of 4.3% compounded quarterly.

Question:

Expert Answer:

To calculate the term of the loan we can use the formula for compound interest A P1 rnnt Where A is ... View the full answer

Income Tax Fundamentals 2013

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