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just final answer needed Question 4 [5 points] Wasim borrowed money from Cedric and agreed to pay back $1,300 6 months from now and $1,200
just final answer needed
Question 4 [5 points] Wasim borrowed money from Cedric and agreed to pay back $1,300 6 months from now and $1,200 in 12 months. If Wasim has a lot of money available at the time of the first payment and wants to pay back the loan completely at that point, how much money would Wasim have to pay Cedric if money could earn 3.5%? For full marks your answer(s) should be rounded to the nearest cent. Full Payment Amount = $ 0.00 Question 5 [5 points] Dalya was scheduled to repay a loan 130 days from now with a payment of $2,800.00, but will get some extra money and be able to pay it off 110 days from now with an equivalent payment of $2,787.40. Assuming that interest rates do not change during the period of the loan, what was the interest rate of the loan? Note: Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. For example 34.56% Annual rate = 0.00 %Step by Step Solution
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