Erik borrowed $21,090 for 6.5 years. For the first two and a half years, the interest rate on the loan was 8.4% compounded monthly (j12). The rate then became 7.5% compounded semi-annually (j2). What total amount was required to pay off the loan at the end of the term? Round your answer to 2 decimal places. Your Answer:
Erik borrowed $21,090 for 6.5 years. For the first two and a half years, the interest rate on the loan was 8.4% compounded monthly (j12). The rate then became 7.5% compounded semi-annually (j2). What total amount was required to pay off the loan at the end of the term? Round your answer to 2 decimal places. Your Answer:
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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Transcribed Image Text:Time Left:1:59:09
Abhay Singh: Attempt 1
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Erik borrowed $21,090 for 6.5 years. For the first two and a half years, the interest
rate on the loan was 8.4% compounded monthly (j12). The rate then became 7.5%
compounded semi-annually (j2). What total amount was required to pay off the loan
at the end of the term? Round your answer to 2 decimal places.
Your Answer:
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