Lee's real estate agency borrowed $10,000 from a credit union at 6.55% compounded monthly for 6 years

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Lee's real estate agency borrowed $10,000 from a credit union at 6.55% compounded monthly for 6 years and 9 months.

a. How much should Lee's agency repay the credit union at the end of the time period?

b. If the agency kept the money for another three months (at the same interest rate), calculate the total repayment amount and the amount of interest charged for the extended period.

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Mathematics Of Business And Finance

ISBN: 9781927737545

4th Edition

Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans

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Question Posted: Aug 30, 2024 09:04 AM

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Lee's real estate agency borrowed $10,000 from a credit union at 6.55% compounded monthly for 6 years

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