The owner of the Blue Goose Motel borrowed $12 500 at 7.1% compounded semiannually and agreed to
Question:
(a) How many payments will be needed to repay the loan?
(b) How much will be owed at the end of five years?
(c) By the end of five years of payments, how much total interest has been paid?
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a PV nc 12 50000 PMT 70000 i 355 c 24 12 p 10355 5 1 1017595 1 ...View the full answer
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Related Book For 
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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