Question
Stefani Germanotta borrowed $30,147 23 months ago from the bank. She had agreed to pay back $32,147 today to settle the debt. 1. What was
Stefani Germanotta borrowed $30,147 23 months ago from the bank. She had agreed to pay back $32,147 today to settle the debt. 1. What was interest rate that the bank had charged, expressed on a per annum rate compounded semiannually? [4] Stefani didnt have the necessary money to settle the debt today and renegotiated the loan at the same interest rate as determined in part (a). The new terms specified that she pay $20,000 today and the balance in seven months time (from today). 2. How much would she have to pay the bank in seven months? [6] 3. Who is/was Stefani Germanotta?
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