A loan of $15 000.00 was repaid together with interest of $889.00. If interest was 5% compounded quarterly, how long was the loan taken out? 3 year 2 months 1 year 2months 2 year 2 months 4 year 2 months
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Given: Loan amount (present value), P = $15000 Interest amount, I = $889 Future value, A = P + I = $15000 + $889 = $15889 Show more…
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