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Accurate Accounting obtained a private loan of $25,000 for five years. No payments were required, but the loan accrued interest at the rate of 9%
Accurate Accounting obtained a private loan of $25,000 for five years. No payments were required, but the loan accrued interest at the rate of 9% compounded monthly for the first 22 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? 1 i- B I III c? 2
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