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4. Michelle received $6500 as a personal loan to be paid off in 3 years, but she has already made two payments: $1500 in
4. Michelle received $6500 as a personal loan to be paid off in 3 years, but she has already made two payments: $1500 in a year, and $2250 in 2 years. How much is left to be paid at the end of her term, if the interest on the loan is 12 % compounded quarterly? Draw a timeline to illustrate your solution.
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To calculate the remaining amount to be paid at the end of Michelles loan term we can use the formula for the future value of an ordinary annuity FV P ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
