Duane borrowed $3000 from his grandmother five years ago. The interest on the loan was to be

Question:

Duane borrowed $3000 from his grandmother five years ago. The interest on the loan was to be 5% compounded semiannually for the first three years, and 6% compounded monthly thereafter. If he made a $1000 payment 2 1/2 years ago, what is the amount now owed on the loan?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: