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business math

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two partners in a business. one partner mortgaged business property to his co-partner for $15,000.00 at 12% a year interest. no payments were ever made for 17 years. how much is owed?

  • business math -

    Where was the co-partner these 17 years?

    Anyway, assuming the interest is compounded yearly, the money owed is:
    A=$15000*1.12^17
    =$102,990.61

    Good luck, and don't forget to check the market value of the mortgaged property.

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