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October 24, 2014

Homework Help: Compound Interest

Posted by Sat on Sunday, August 2, 2009 at 3:01am.

Payments of $1,800 and $2,400 were 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 teh first two years and 10.74% compounded monthy thereafter. What amount was owed on the loan after three years?

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