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Novosadov [1.4K]
4 years ago
9

The balance on a car loan after 4 years is $8,996.32. The interest rate is 5.6% compounding annually. What was the initial value

of the loan?
Mathematics
1 answer:
Vlad1618 [11]4 years ago
5 0
8996.32=p(1+0.056)^4
Solve for p
P=8996.32/(1+0.056)^4
P=7234.51
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