1. Ken is paying 2,500 every 3 months for the amount he borrowed at an interest rate of 8% compouneded quarterly. How much did he borrow if he agreed that the loan will be paid in 2 years and 6 months? 2.  A store advertises a motorcycle for 3,000 downpayments and 3,000 per month for 15 months. If the interest is 15% compounded monthly, what is the actual value of the motorcycle?

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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1. Ken is paying 2,500 every 3 months for the amount he borrowed at an interest rate of 8% compouneded quarterly. How much did he borrow if he agreed that the loan will be paid in 2 years and 6 months?

2.  A store advertises a motorcycle for 3,000 downpayments and 3,000 per month for 15 months. If the interest is 15% compounded monthly, what is the actual value of the motorcycle?

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