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Accurate Accounting obtained a private loan of $50,000 for 6 years. No periodic repayments were required, but the loan accrued interest at the rate of
Accurate Accounting obtained a private loan of $50,000 for 6 years. No periodic repayments were required, but the loan accrued interest at the rate of 8.5% per year compounded half yearly for the first two and a half years, and then at 8% per year compounded monthly for the remainder of the loan term. What total amount was required to pay off this loan?
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