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July 31, 2014

Homework Help: Compound Interest : Future Value and Present Value

Posted by Math on Friday, July 24, 2009 at 1:22am.

Payments of $1800 and $2400 weere made on a $10,000 variable-rate loan 18 and 30 months after the date of the loan. The interest rate was 11.5% compounded semi-annually for the first two years and 10.74% compounded monthly thereafter. What amount was owed on the loan after three years?

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