# Math 20(interest rates)

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

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

amount = 5000(1.03375)^6

subtract \$5000 from the above answer

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posted by Reiny

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