Question
Edward took out a loan of $4,621 today at monthly interest rate of 2%. How much interest will accrue after 4 years on his loan?
Edward took out a loan of $4,621 today at monthly interest rate of 2%. How much interest will accrue after 4 years on his loan?
Round to the nearest whole number.
Hint: 1) note that the compounding frequency is monthly; 2) note that you are asked to solve for interest amount only.
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Parimutuel Applications In Finance New Markets For New Risks
Authors: Ken Baron, Jeffrey Lange
1st Edition
1403939500, 9781403939500
