Suppose that $2000 is loaned at a rate of 16.5%, compounded semiannually. Assuming that no payments are made, find the amount ow

Question

3 years ago

15

ed after 7 years. Do not round any intermediate computations, and round your answer to the nearest cent.

1 answer:

Lena [83] · Answer 1 · 2021-12-15T19:44:02+03:00

Lena [83]3 years ago

6 0

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