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1. What's the present value of $10,000 discounted back 10 years if the appropriate interest rate is 9%, compounded monthly? (Round your answer to two
1. What's the present value of $10,000 discounted back 10 years if the appropriate interest rate is 9%, compounded monthly? (Round your answer to two decimal places.)
2. Billy Thornton borrowed $25,000 at a rate of 9%, simple interest, with interest paid at the end of each month. The bank uses a 360-day year. How much interest would Billy have to pay in a 30-day month? (Round your answer to two decimal places.)
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