Lucy received a loan of $56,250, 7 years ago. The interest rate charged on the loan was

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Lucy received a loan of $56,250, 7 years ago. The interest rate charged on the loan was 4.56% compounded quarterly for the first 6 months, 5.07% compounded semi-annually for the next 3 years, and 6.03% compounded monthly thereafter.

a.Calculate the accumulated value of the loan at the end of the first 6 months.

Round to the nearest cent

b.Calculate the accumulated value of the loan at the end of the next 3 year period.

Round to the nearest cent

c.Calculate the accumulated value of the loan today.

Round to the nearest cent

d.Calculate the amount of interest charged on this loan over the past 7 years.

Round to the nearest cent

Posted Date: Jun 22, 2024 09:12 AM

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Lucy received a loan of $56,250, 7 years ago. The interest rate charged on the loan was

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