A bank loaned John Smith 53,000 for three years compounded annually at table or the future value and compound interest formula. How much interest was John required to pay on the loan? Use the $1 uture value

A bank loaned John Smith 53,000 for three years compounded annually at table or the future value and compound interest formula. How much interest was John required to pay on the loan? Use the $1 uture value

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A bank loaned John Smith $3,000 for three years compounded annually at 9%. How much interest was John required to pay on the loan? Use the $1.00 future value
table or the future value and compound interest formula.

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