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The local high school soccer club need to borrow to finance a new soccer field. Repayment of the ...

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The local high school soccer club need to borrow to finance a new soccer field. Repayment of the ...

The local high school soccer club need to borrow to finance a new soccer field. Repayment of the loan involves payments of $10 000.00 at the end of every three months for eight years. No payments are to be made during the development period of five years. Interest is 8% compounded quarterly.
a) How much did the Achievers borrow?
b) What amount will be repaid?
c) How much of that amount will be interest?

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Contemporary Business Mathematics with Canadian Applications

Edition: 11^th

Authors: Hummelbrunner, Halliday, Hassanlou, Coombs

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