A borrower had a loan of $20,000.00 at 6% compounded annually, with 12 annual payments. Suppose the borrower paid off the loan after 3 years. Calculate the amount needed to pay off the loan. The amount needed to pay off this loan after 3 years is $ (Round to the nearest cent as needed.)

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
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A borrower had
loan of $20,000.00 at 6% compounded annually, with 12 annual payments. Suppose the borrower paid off the loan after 3 years. Calculate the amount needed to pay off the loan.
The amount needed to pay off this loan after 3 years is
(Round to the nearest cent as needed.)
Transcribed Image Text:A borrower had loan of $20,000.00 at 6% compounded annually, with 12 annual payments. Suppose the borrower paid off the loan after 3 years. Calculate the amount needed to pay off the loan. The amount needed to pay off this loan after 3 years is (Round to the nearest cent as needed.)
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