45. Loans To help pay your college expenses, you borrow $7000 and agree to repay the loan at the end of 5 years at 8% interest, compounded quarterly. a. What is the maturity value of the loan? Answer b. How much interest are you paying on the loan? Answer

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**45. Loans**

To help pay your college expenses, you borrow $7000 and agree to repay the loan at the end of 5 years at 8% interest, compounded quarterly.

a. What is the maturity value of the loan?
   - [Answer ▼]

b. How much interest are you paying on the loan?
   - [Answer ▼]
Transcribed Image Text:**45. Loans** To help pay your college expenses, you borrow $7000 and agree to repay the loan at the end of 5 years at 8% interest, compounded quarterly. a. What is the maturity value of the loan? - [Answer ▼] b. How much interest are you paying on the loan? - [Answer ▼]
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