Question

Jose borrowed $8000 at a rate of 6.5%, compounded semiannually. Assuming he makes no payments, how much will he owe after 9 years? Do not round any intermediate computations, and round your answer to the nearest cent.

          Jose borrowed $8000 at a rate of 6.5%, compounded semiannually. Assuming he makes no payments, how much will he owe after 9 years?
Do not round any intermediate computations, and round your answer to the nearest cent.

Added by Maureen C.

Precalculus with Limits

Ron Larson 2nd Edition

Instant Answer

Solved by Expert Gretchen Laviolette

07/05/2021

Step 1

Since the interest is compounded semiannually, there will be 2 compounding periods per year for a total of 18 compounding periods over 9 years. Show more…

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Jose borrowed $8000 at a rate of 6.5%, compounded semiannually. Assuming he makes no payments, how much will he owe after 9 years? Do not round any intermediate computations, and round your answer to the nearest cent. Jose borrowed $8000 at a rate of 6.5%, compounded semiannually. Assuming he makes no payments, how much will he owe after 9 years? 5