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The proprietors of The Coachman Inn secured two loans from Union Bank: one for $8000 due in three years and one for $15000 due in
The proprietors of The Coachman Inn secured two loans from Union Bank: one for $8000 due in three years and one for $15000 due in six years, both at an interest rate of 10% compounded semiannually. The bank has agreed to allow the two loans to be consolidated into one loan payable in 5 years at the same interest rate, What amount will the proprietors of the inn be required to pay the bank at the end of 5 years?
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