Please do not give solution in image format thanku A loan of $9000.00 was repaid together with interest of $3728.00. If interest was9.4% compounded quarterly, how long was the loan taken out? (Give answer inyears and months to the nearest tenth.)O 3 years and 8.8 monthsO 5 years and 2.3 monthsO 4 years and 6 monthsO 6 years4In how many months will $3500 grow to $4845.94 at 7.25% p.a.? (simple interest)O 60 monthsO 64 monthsO 36 monthsO 45 months

Future value of money includes the amount of the initial loan or deposit plus compounded interest…

Answered: A loan of $9000.00 was repaid together…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A loan of $9000.00 was repaid together with interest of $3728.00. i 9.4% compounded quarterly, how long was the loan taken out? (Give years and months to the nearest tenth) O 3 years and 8.8 months O 5 years and 2.3 months O 4 years and 6 months O 6 years 4