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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

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

Essentials Of Investments
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
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A loan of $9000.00 was repaid together with interest of $3728.00. If interest was 9.4% compounded quarterly, how long was the loan taken out? (Give answer in 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 In how many months will $3500 grow to $4845.94 at 7.25% p.a.? (simple interest) O 60 months O 64 months O 36 months O 45 months
Transcribed Image Text:A loan of $9000.00 was repaid together with interest of $3728.00. If interest was 9.4% compounded quarterly, how long was the loan taken out? (Give answer in 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 In how many months will $3500 grow to $4845.94 at 7.25% p.a.? (simple interest) O 60 months O 64 months O 36 months O 45 months
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