Pam Wedel borrowed $515,400 to pay for her child's education at Riverside Community College. Leslie must repay the loan at the end of 12 months in one payment with 4% interest. a. How much interest must Leslie pay? (Do not round intermediate calculation. Round your answer to the nearest cent.) Interest: b. What is the maturity value? (Do not round intermediate calculation. Round your answer to the nearest cent.) Maturity value:
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Total Interest = $515,400 * 0.04 = $20,616 Show more…
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