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lawyer [7]
3 years ago
10

Edgar accumulated $5,000 in loan debt. If the interest rate is 20% per year and he does not make any payments for 2 years, how m

uch will he owe on this debt in 2 years for quarterly compounding? Round your answer to the nearest cent Do NOT round until you calculate the final answer.
Business
1 answer:
hodyreva [135]3 years ago
3 0

Answer:

Edgar

The amount he will owe on this debt in 2 years for quarterly compounding is:

= $7,387.28

Explanation:

Accumulated loan debt = $5,000

Interest rate per year = 20%

Period of loan = 2 years

Interest compounding = quarterly

From an online financial calculator:

N (# of periods)  8

I/Y (Interest per year)  20

PV (Present Value)  5000

PMT (Periodic Payment)  0

Results

FV = $7,387.28

Total Interest $2,387.28

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Supporters of free trade argue that it creates which economic benefit?
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C. Increasing efficiency by allowing for greater specialization

Explanation:

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3 years ago
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Answer:

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Explanation:

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Answer:

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