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Lada Lada
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Posts: 357
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6 years ago
If a loan was repaid by ordinary yearly payments of $2000.00 in five years at 9.00%, compounded yearly, how much interest was paid?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
PVn = 2000.00  = 2000.00(3.88965126) = $7779.30
Interest: 2000.00(5) -7779.30 = 10000.00 -7779.30 = $2220.70
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