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Lina20 [59]
3 years ago
7

7. Opal Lindsay has just taken out a loan at her bank. The bank is charging her 12 percent compounded monthly. How much is Ms. L

indsay actually paying for her loan?
Business
1 answer:
guajiro [1.7K]3 years ago
3 0

Answer:

12.68250%.

Formula:

Basic formula for compound interest:

At = A0(1+r)n

where:

A0 : principal amount, or initial investment

At : amount after time t

r : interest rate

n : number of compounding periods, usually expressed in years

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