A man takes out a $300 loan with a compound interest rate of 10 percent. The interest is assessed annually. How much will he owe if he takes three years to repay the loan? A. $399.30 B. $390 C. $363 D. $330
A man takes out a $300 loan with a compound interest rate of 10 percent. The interest is assessed annually. How much will he owe if he takes three years to repay the loan? A. $399.30 B. $390 C. $363 D. $330
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 19PROB
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1. A man takes out a $300 loan with a compound interest rate of 10 percent. The interest is assessed annually. How much will he owe if he takes three years to repay the loan?
A. $399.30
B. $390
C. $363
D. $330
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