Math 20(interest rates)

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Determine the amount of interest charged on a loan of $5000 at 6.75% per annum, compounded semi-annually for 3 years.

  • Math 20(interest rates) -

    i = ..0675/2 = .03375
    n = 3(2) = 6

    amount = 5000(1.03375)^6

    subtract $5000 from the above answer

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