Suppose that $2000 is loaned at a rate of 16.5%, compounded semiannually. Assuming that no payments are made, find the amount ow
ed after 7 years. Do not round any intermediate computations, and round your answer to the nearest cent.
1 answer:
Answer:
$6298.29
Step-by-step explanation:
2000 x (1+(.165/12))^84, the 84 being the number of months in 7 years
=$6298.2927345
=$6298.29
How many months in 7 years = 84 months
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