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Accurate accounting obtained a private loan of $25000 for 5 years. No payments were required, but the loan accured interest at the rate of 9%
Accurate accounting obtained a private loan of $25000 for 5 years. No payments were required, but the loan accured interest at the rate of 9% compounded monthly for the first 2 1/2 years and then at 8.26% compounded semiannually for the remainder of the term. What total amount was required to pay off the loan after 5 years?
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