Homework Help: business math

Posted by martin sostre on Sunday, November 28, 2010 at 11:08pm.

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 - MathMate, Monday, November 29, 2010 at 9:59am
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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