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A loan of $15,000 was repaid at the end of 6 months. What amount (principal and interest) was paid if a 6.5% rate of interest was charged? Using one of the formulas pictured, if possible (1+ ( (² + 1) - 1) (1-(1+) Future value of an ordinary annuity (sequence of payments): FV-PMT Present value of an ordinary annuity (sequence of payments): pV=PMT

A loan of $15,000 was repaid at the end of 6 months. What amount (principal and interest) was paid if a 6.5% rate of interest was charged? Using one of the formulas pictured, if possible (1+ ( (² + 1) - 1) (1-(1+) Future value of an ordinary annuity (sequence of payments): FV-PMT Present value of an ordinary annuity (sequence of payments): pV=PMT

FINANCIAL ACCOUNTING
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 loan of $15,000 was repaid at the end of 6 months. What amount (principal and interest) was paid if a 6.5% rate of interest was charged? Using one of the formulas pictured, if possible Future value of an ordinary annuity (sequence of payments): FV=PMT Present value of an ordinary annuity (sequence of payments): pV=PMT 1+i)" - 1 (1+ - (1+i)
Transcribed Image Text:A loan of $15,000 was repaid at the end of 6 months. What amount (principal and interest) was paid if a 6.5% rate of interest was charged? Using one of the formulas pictured, if possible Future value of an ordinary annuity (sequence of payments): FV=PMT Present value of an ordinary annuity (sequence of payments): pV=PMT 1+i)" - 1 (1+ - (1+i)
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