3 years ago

A loan for $4000 with interest at 6.75% compounded semi-annually is repaid after 5 years. What is the amount of interest paid?

1 answer:

5 0

4,000 multiplied by 6.75%=27,000

27,000 multiplied by 5 = 135,000

4,000-135,000=131,000 amount of interest paid

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